Portfolio Choice in the Presence of Personal Illiquid Projects
理论分析个人项目（如创业或购房）如何影响投资组合选择，发现因项目终止或投资不足的惩罚较大时，个人会更规避风险；并用1995年消费者金融调查数据证实，为创业或购房储蓄的家庭确实持有更安全的金融资产。
ABSTRACT Personal projects, such as a private business or the purchase of a home, influence individuals portfolio choice. We conduct a theoretical analysis of this influence when financial assets are required to provide liquidity to personal projects. Due to this liquidity consideration, individuals behave in a more riskaverse fashion when there is a large penalty for discontinuing or underinvesting in the final stages of the projects. In addition, using data from the 1995 Survey of Consumer Finances, we find that households that are saving to invest in their own businesses or in their own homes indeed have significantly safer financial portfolios.