The impact of Chinese public expenditures on household investment in risky financial assets: Evidence from a national survey

Author:

Ma Qianhui1,Ying Yeung2,Yao Rui3ORCID

Affiliation:

1. Market Planning Department PICC Property and Casualty Company Limited Shenzhen China

2. School of Management Xiamen University Xiamen China

3. Division of Applied Social Sciences University of Missouri Columbia Missouri USA

Abstract

AbstractUsing data from the 2012, 2013, 2015, 2017, 2018, and 2021 Chinese General Social Survey (CGSS), this paper investigates the effect of public expenditures on household investment in risky financial assets. Our findings show that a higher level of public expenditures significantly increases household investment in stocks and other risky financial assets and that the respondent's overconfidence in their financial well‐being partially mediates such an effect. We further provide evidence that the influence of public expenditures on household investment behavior in risky financial assets is robust after considering various sample heterogeneities by disaggregating public expenditures and risky financial assets into different subcategories and dividing households into different age and socioeconomic groups.

Funder

National Social Science Fund of China

Publisher

Wiley

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