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<p>This paper investigates the effect of housing wealth on the initial decision to hold risky assets. Using data from China Household Finance Survey (CHFS), we find that a 10% increase in either property value or home equity is associated with an increase in the probability of risky asset participation by 0.5 and 0.44 percentage points, respectively. Additionally, we find that increased housing wealth leads to greater demand for diversification and holding more types of risky financial assets. The number of housing units owned, characteristics of primary and secondary residences, and housing sales activity also significantly influence households' decision to enter the risky assets market.</p>

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Does Housing Wealth Influence Investment Risk Taking?

  • 期刊论文

  • 发表日期：

    2025年3月26日

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  • Jialing Jiang,
  • Zhichao Yin,
  • Zilong Wang,
  • Nick Mansley

摘要

This paper investigates the effect of housing wealth on the initial decision to hold risky assets. Using data from China Household Finance Survey (CHFS), we find that a 10% increase in either property value or home equity is associated with an increase in the probability of risky asset participation by 0.5 and 0.44 percentage points, respectively. Additionally, we find that increased housing wealth leads to greater demand for diversification and holding more types of risky financial assets. The number of housing units owned, characteristics of primary and secondary residences, and housing sales activity also significantly influence households' decision to enter the risky assets market.