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Portfolio Choice in the Presence of Housing
Open accessAbstract
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.
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Citations
Cited by
Consumption and Portfolio Choice over the Life Cycle
Cocco, J. F., Gomes, F. J., & Maenhout, P. J. (2005) · Review of Financial Studies · doi:10.1093/rfs/hhi017 · Cited by 1,530
Self-citationOptimal Life‐Cycle Asset Allocation: Understanding the Empirical Evidence
GOMES, F., & MICHAELIDES, A. (2005) · The Journal of Finance · doi:10.1111/j.1540-6261.2005.00749.x · Cited by 773
Household Risk Management and Optimal Mortgage Choice
Campbell, J. Y., & Cocco, J. F. (2003) · The Quarterly Journal of Economics · doi:10.1162/003355303322552847 · Cited by 641
Self-citationPortfolio Choice over the Life‐Cycle when the Stock and Labor Markets Are Cointegrated
BENZONI, L., COLLIN‐DUFRESNE, P., & GOLDSTEIN, R. S. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01271.x · Cited by 466
Gomes, F., Haliassos, M., & Ramadorai, T. (2021) · Journal of Economic Literature · doi:10.1257/jel.20201461 · Cited by 396
Metadata
- Authors
- Cocco, J. F.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2004-08-25
- Volume
- 18
- Issue
- 2
- Pages
- 535-567
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3121646377
- Cited by
- 998
- References
- 0
- FWCI
- 123.14
- Type
- journal article
- Language
- en
- Open access
- green
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