TY - JOUR
T1 - From pandemics to portfolios
T2 - Long-term impacts of the 2009 H1N1 outbreak on household investment choices
AU - Guo, Naijia
AU - Leung, Charles Ka Yui
AU - Zhang, Shumeng
PY - 2025/3
Y1 - 2025/3
N2 - This study examines how experiencing a pandemic affects household investment behaviors. By leveraging cross-state variations in the H1N1 mortality rate in 2009, our difference-in-differences analysis reveals interesting findings. Although the pandemic does not significantly affect stock market participation, it depresses the proportion of liquid assets invested in risky assets among households who participate in the stock market. This effect persists for up to eight years after the pandemic and is particularly pronounced among households characterized by higher risk aversion and greater income volatility. Analysis conducted using different datasets consistently suggests that the pandemic primarily influences portfolio choices through a shift in risk attitudes. © 2025 Elsevier B.V.
AB - This study examines how experiencing a pandemic affects household investment behaviors. By leveraging cross-state variations in the H1N1 mortality rate in 2009, our difference-in-differences analysis reveals interesting findings. Although the pandemic does not significantly affect stock market participation, it depresses the proportion of liquid assets invested in risky assets among households who participate in the stock market. This effect persists for up to eight years after the pandemic and is particularly pronounced among households characterized by higher risk aversion and greater income volatility. Analysis conducted using different datasets consistently suggests that the pandemic primarily influences portfolio choices through a shift in risk attitudes. © 2025 Elsevier B.V.
KW - Pandemic
KW - Portfolio choice
KW - Risky share
KW - Risk attitude
UR - http://www.scopus.com/inward/record.url?scp=85217955224&partnerID=8YFLogxK
UR - https://www.scopus.com/record/pubmetrics.uri?eid=2-s2.0-85217955224&origin=recordpage
U2 - 10.1016/j.jebo.2025.106931
DO - 10.1016/j.jebo.2025.106931
M3 - RGC 21 - Publication in refereed journal
SN - 0167-2681
VL - 231
JO - Journal of Economic Behavior and Organization
JF - Journal of Economic Behavior and Organization
M1 - 106931
ER -