INVESTMENT RISK AND THE TRANSITION INTO HOMEOWNERSHIP*
利用1984-1997年收入动态面板研究数据，研究房价不确定性如何影响租房家庭向住房所有权的过渡，发现房价波动显著抑制了这种过渡，尤其对低财富租房者影响更大。
ABSTRACT This paper investigates the extent to which house–price uncertainty affects the transition of renter households into homeownership. Using a 14‐year household panel from the Panel Study of Income Dynamics during the years 1984–1997 and measures of the time‐varying risk and return to owner‐occupied housing, we estimate a Cox proportional hazard model of the effect of house–price volatility on the transition into homeownership. Results indicate that house–price uncertainty has a negative and dramatic impact on transitions into homeownership. In addition, we find that the low‐wealth renters are particularly sensitive to house–price risk.