Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio
构建了包含住房作为抵押品的最优投资组合模型，发现住房价值与净财富之比越低（如老年家庭），股票配置比例越高，并用消费者金融调查数据验证了住房状态变量的显著影响。
The paper constructs a model of optimal portfolio allocation incorporating the role of housing as collateral. Current house value is a state variable in the portfolio decision due to a nonconvex adjustment cost. Holding risk aversion constant, the percentage of the portfolio held in stocks is decreasing in the ratio of house value to net wealth; thus an older household with a lower ratio of house value to net wealth will generally hold more its portfolio in stocks than younger households. Empirical results using the Survey of Consumer Finances confirm the quantitative and statistical significance of the housing state variable.