Household portfolio choice before and after a house purchase
利用丹麦行政面板数据，研究了家庭在购房前后7年内金融财富、股市参与率和风险资产份额的动态变化，发现购房当年股市参与率下降，风险资产份额呈V形变化，购房前一年最低、之后立即回升。
Abstract Using a unique administrative panel data from Denmark, this article documents the dynamic evolution of households' financial wealth, the equity market participation rate (extensive margin), and the conditional risky asset share of financial wealth (intensive margin) over a 7‐year period around a house purchase. We find that households' equity market participation rate falls during the year of house purchase. Conditional on participation, the risky asset share of financial wealth follows a V‐shape around the house purchase. It decreases and reaches the lowest point 1 year before a house purchase, but jumps up immediately after. This finding suggests that of the three channels identified in the literature that are related to the risky asset demand after a house purchase, the debt retirement channel and the diversification effect dominate the liquidity concern.