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The impact of physical exercise on risk asset allocation

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  • He, Dongjin
  • Zhou, Jiajun
  • Li, Yingmei
  • Zhong, Zhengqi

Abstract

We study the relationship between physical exercise and the risky asset allocation. Using data from the China Family Panel Studies (CFPS) from 2010 to 2022. We find that physical exercise increases respondents’ risky assets allocation, which through enhancing individual’s health and future confidence, thus elevating risk tolerance and preference. Cross-section tests show that the promotion in risky asset allocation is stronger among groups with higher income or less economic pressure. Our research findings provide references for policymakers in promoting the coordinated development of national fitness and enhancing residents’ participation in the financial market.

Suggested Citation

  • He, Dongjin & Zhou, Jiajun & Li, Yingmei & Zhong, Zhengqi, 2025. "The impact of physical exercise on risk asset allocation," Finance Research Letters, Elsevier, vol. 86(PE).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pe:s1544612325020112
    DOI: 10.1016/j.frl.2025.108757
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