Evaluates housing investment's influence on household portfolio selection amid financial fragility, indicating significant mediation effects.
• Household financial fragility significantly reduces the rationality and diversification of financial asset portfolios. • Housing investment serves as a positive mediating mechanism in household portfolio allocation. • The wealth effect and asset-allocation effect of housing investment outweigh its crowding-out effect on financial asset holdings. • The negative effect of financial fragility on portfolio optimization exhibits pronounced regional and financial-health heterogeneity across Chinese households.
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Liu et al. (2026) studied this question.
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