This paper reviews the literature that describes the micro-level economic and social
consequences of homeownership. We adopt an interdisciplinary approach and include …

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 …

We study the portfolio allocation decisions of Australian households using the relatively new
Household, Income and Labour Dynamics in Australia (HILDA) Survey. We focus on …

We analyze stock market participation in 19 European countries, providing a composite view
of the interplay and relative importance of established participation drivers. We jointly control …

Using data from the 2012 consumer finance survey in China, we extend the literature on
household finance by examining the effects of both financial literacy and housing value on …

Tiebout's" vote with your feet" model dispensed with political behavior in local government.
The present article offers a political model borrowed from corporate finance. Local …

This paper tests the intuition that households whose incomes covary relatively strongly with
housing prices should own relatively little housing. Among US households, a one standard …

An owner-occupied home is an unusual asset because it cannot be diversified among
locations and because it is the only sizable asset that most owners possess. Among the …

Although financial literacy is important for participating in financial markets, the level of
financial literacy of Chinese consumers is low compared with those in developed countries …

In this paper, I show that introducing frictions associated with housing into standard life-cycle
models can partially resolve the portfolio choice puzzle. I calibrate a model in which a …