From the comprehensive perspectives of psychology, economy and society, this paper constructs an analytical framework of "psychology (expectation socialization), behavior (portfolio choice), and result (property income)", by putting forward the formation and transmission mechanisms of expectation socialization, and empirically tests the hypothesis that expectation socialization affects portfolio choice and property income by using unconditional quantile regression & other estimation methods and the CGSS data. The results show that expectation socialization promotes the households' financial investment behavior, and then accelerates the growth of property income. However, the positive effects of expectation socialization on property income are not homogeneous, that is to say, the differences of households in expectation socialization enlarges the property income gap. The conclusions not only provide a new theoretical and empirical evidence for the explanation of accumulation and gap of household property income, but also offer an important reference value for the policy-making of expectation management.
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Journal of Finance and Economics
LiuYuanchun, Editor-in-Chief
ZhengChunrong, Vice Executive Editor-in-Chief
YaoLan BaoXiaohua HuangJun, Vice Editor-in-Chief
Expectation Socialization, Portfolio Choice and Household Property Income
Journal of Finance and Economics Vol. 43, Issue 03, pp. 30 - 42 (2017) DOI:10.16538/j.cnkij.fe.2017.03.003
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Wang Wentao, Xie Jiazhi. Expectation Socialization, Portfolio Choice and Household Property Income[J]. Journal of Finance and Economics, 2017, 43(3): 30–42.
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