US partisan polarization and households' portfolio decisions
利用微观面板数据，研究发现美国党派极化加剧会显著降低家庭对风险资产的市场投资，这种政治不确定性对投资组合决策构成负外部性。
Abstract This paper uses a panel survey (micro‐level) dataset to explore the impact of US partisan polarization on households' portfolio decisions. The results document that households significantly reduce their market investments in risky assets due to stronger partisan polarization conditions. The findings survive certain robustness checks, while they clearly illustrate the rising effect of political uncertainty on such decisions. Such results could carry substantial implications since they suggest that partisan polarization uncertainty acts as a negative externality in this type of portfolio choice decisions.