Portfolio choice in the presence of housing

被引：385

作者：

Cocco, JF ^{[1
]}

机构：

[1] London Business Sch, London NW1 4SA, England

来源：

REVIEW OF FINANCIAL STUDIES | 2005年 / 18卷 / 02期

关键词：

D O I：

10.1093/rfs/hhi006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

I show that investment in housing plays a crucial role in explaining the patterns of cross-sectional variation in the composition of wealth and the level of stockholdings observed in portfolio composition data. Due to investment in housing, younger and poorer investors have limited financial wealth to invest in stocks, which reduces the benefits of equity market participation. House price risk crowds out stockholdings, and this crowding out effect is larger for low financial net-worth. In the model as in the data leverage is positively correlated with stockholdings.

引用

页码：535 / 567

页数：33

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