Portfolio Choice in the Presence of Housing
证明住房投资是解释财富构成和股票持有量截面差异的关键因素，年轻和低收入投资者因住房投资而减少股票持有，房价风险对股票持有产生挤出效应，且对低金融净资产者影响更大。
I show that investment in housing plays a crucial role in explaining the patterns of cross-sectional variation in the composition of wealth and the level of stockholdings observed in portfolio composition data. Due to investment in housing, younger and poorer investors have limited financial wealth to invest in stocks, which reduces the benefits of equity market participation. House price risk crowds out stockholdings, and this crowding out effect is larger for low financial net-worth. In the model as in the data leverage is positively correlated with stockholdings. Copyright 2005, Oxford University Press.