Stock Market Participation: Family Responses to Housing Consumption Commitments
研究了2007年前后，许多家庭在承担高额住房抵押贷款的同时持有股票账户，但在遇到还款困难时更可能退出股市，且新入市者也减少，表明住房市场对股市产生了直接和间接的“附带损害”。
As of 2007, many households had taken on very substantial commitments to housing and companion mortgage payments. At the same time they held little in the way of a traditional buffer stock of safer liquid assets but were more likely to have opened stock market accounts. Many of these families when experiencing subsequent mortgage payment difficulties are shown to have been more likely to exit the stock market. Mortgage difficulties also inhibited families from becoming new stock market participants. In this way stocks seem to have likely experienced some direct and indirect “collateral damage” from the housing market, 2007–9.