The Effect of Housing on Portfolio Choice
研究了住房对投资组合的影响，区分了房屋净值与抵押贷款债务的不同作用，发现房产价值增加会减少股票持有，而房屋净值增加则提高股票持有。
ABSTRACT We show that characterizing the effects of housing on portfolios requires distinguishing between the effects of home equity and mortgage debt. We isolate exogenous variation in home equity and mortgages by using differences across housing markets in house prices and housing supply elasticities as instruments. Increases in property value (holding home equity constant) reduce stockholdings, while increases in home equity wealth (holding property value constant) raise stockholdings. The stock share of liquid wealth would rise by 1 percentage point—6% of the mean stock share—if a household were to spend 10% less on its house, holding fixed wealth.