Journal of Finance, Volume 72, Issue3, June 2017, Pages 1171-1212

房屋对投资组合选择的影响

作者：Raj Chetty ( Stanford University), László Sándor ( Luxembourg School of Finance), Adam Szeidl (Central European University)

摘要：本文证明若要了解房屋对投资组合选择影响的特征需要分清家庭股权和抵押债务的影响。我们通过使用以房屋市场和房屋供应弹性作为工具进行差分，将房屋资产和抵押贷款中的外生变量分离出来。当地产价值增加时（假设持有房产净值不变）则股票持有量减少，而当房产净值增加时（假设地产价值不变）则股票持有量增加。假设家庭部门在房屋上的花费小于10%且持有固定的财富，则持股量每上涨6%，股票中的流动资产部分将上涨1%。

The Effect of Housing on Portfolio Choice

Raj Chetty ( Stanford University), László Sándor ( Luxembourg School of Finance), Adam Szeidl (Central European University)

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.

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/jofi.12500/full

翻译：秦秀婷