From Pandemics to Portfolios : Long-Term Impacts of the 2009 H1N1 Outbreak on Household Investment Choices

Guo, Naijia; Leung, Ka Yui Charles; Zhang, Shumeng

From Pandemics to Portfolios : Long-Term Impacts of the 2009 H1N1 Outbreak on Household Investment Choices

Guo, Naijia; Leung, Ka Yui Charles; Zhang, Shumeng

Institute of Social and Economic Research Discussion Papers, 2025, 1274, 1-93

アクセス数:183件（2026-02-15 23:28 集計）

固定URL: https://hdl.handle.net/11094/100200

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タイトル	From Pandemics to Portfolios : Long-Term Impacts of the 2009 H1N1 Outbreak on Household Investment Choices
著者	著者名 Guo, Naijia
	著者名 Leung, Ka Yui Charles
	著者名 Zhang, Shumeng
キーワード等	Pandemic
	Portfolio Choice
	Rational Inattention
	Risky Share
	Risk Attitude
JEL分類コード (JEL)	D10
	G11
	I10
抄録	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.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1274
ページ	1-93
刊行年月	2025-02
言語	英語
ハンドルURL	https://hdl.handle.net/11094/100200
PISSN	0473453X
eISSN	24350982
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/DP1274.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2025, 1274, p. 1-93
DC.title	From Pandemics to Portfolios : Long-Term Impacts of the 2009 H1N1 Outbreak on Household Investment Choices
DC.creator	Guo, Naijia
	Leung, Ka Yui Charles
	Zhang, Shumeng
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2025-02
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/DP1274.pdf
DC.subject	Pandemic
	Portfolio Choice
	Rational Inattention
	Risky Share
	Risk Attitude
DCTERMS.abstract	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.
DC.format	100200
citation_title	From Pandemics to Portfolios : Long-Term Impacts of the 2009 H1N1 Outbreak on Household Investment Choices
citation_author	Guo, Naijia
	Leung, Ka Yui Charles
	Zhang, Shumeng
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2025-02
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1274
citation_firstpage	1
citation_lastpage	93
citation_public_url	https://hdl.handle.net/11094/100200
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/DP1274.pdf

From Pandemics to Portfolios : Long-Term Impacts of the 2009 H1N1 Outbreak on Household Investment Choices

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