Political Uncertainty and Household Stock Market Participation
利用微观面板数据和双重差分法，研究发现州长选举前政治不确定性上升时，家庭显著减少股市参与并将资金转向更安全的资产，这种下降与资产风险上升和劳动收入风险对冲激励有关。
Abstract Using microlevel panel data and a difference-in-differences identification strategy, we study the effect of political uncertainty on household stock market participation. We find that households significantly reduce their participation and reallocate funds to safer assets during periods of increased political uncertainty prior to gubernatorial elections. The decline in participation is related to households’ response to elevated asset risk and their incentive to hedge increased labor income risk. In situations where uncertainty remains high after elections, pre-election reduction in participation is only partially reversed.