Residential Property and Household Stock Holdings: Evidence from Japanese Micro Data
利用2000-2010年日本家庭调查数据，发现住宅资产占比越高的家庭越不可能持有股票，但若持有股票则其股票占金融资产比例更高。
Using a unique survey dataset of Japanese households from 2000 to 2010, this paper examines the relationship between residential property and household stock holdings and finds the followings. First, the ratio of households owning residential property decreased during the 2000s, whereas the ratio of households owning stocks increased in the mid-2000s and remained the same thereafter. Second, households with higher ratios of residential property to gross total asset are less likely to own stocks. Third, conditional on owning stocks, households with higher ratios of residential property to gross total asset exhibit higher ratios of stocks to total financial assets. Our findings suggest that housing assets are important for household portfolio choice among financial assets.