发表期刊：Finance Research Letters
发表时间：August 2024
作者及单位：Xiqian Cai, Zhengquan Cheng, Dongxu Li* (Department of Finance, School of Economics & Wang Yanan Institute for Studies in Economics (WISE) & Laboratory of Digital Finance, Xiamen University)
摘要：Exploiting the unique context of the U.S.-China trade war, this study evaluates whether households balance their exposure to geopolitical risks with the risk of their investment portfolios. Difference-in-differences analysis reveals that Chinese households respond to the trade war by reducing risky asset holdings, and this effect is more pronounced in export-intensive cities. Additional evidence suggests that households become more risk-averse in response to the trade war. These results shed light on the implications of geopolitical risks for households’ financial decisions.
关键词：Geopolitical risk；Household finance；Risk aversion；Trade war
