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Home tenure, stock market participation, and composition of the household portfolio

Beaubrun-Diant, Kevin; Maury, Tristan-Pierre (2016), Home tenure, stock market participation, and composition of the household portfolio, Journal of Housing Economics, 32, p. 1-17. 10.1016/j.jhe.2016.03.002

Type
Article accepté pour publication ou publié
Date
2016
Nom de la revue
Journal of Housing Economics
Volume
32
Éditeur
Elsevier
Pages
1-17
Identifiant publication
10.1016/j.jhe.2016.03.002
Métadonnées
Afficher la notice complète
Auteur(s)
Beaubrun-Diant, Kevin
Laboratoire d'Economie de Dauphine [LEDa]
Stratégie et Dynamiques Financières [LEDA-SDFi]
Maury, Tristan-Pierre
Résumé (EN)
In this study, we empirically analyze the simultaneous decisions of households to participate in the stock market and/or own their home. A vast literature stream exists on decisions to buy or rent a home, and many contributions report the low participation rate of American households in the US stock market. Numerous authors have also provided evidence that home tenure (modeled as an exogenous variable) affects the share of household portfolios held as stocks. However, the present study is the first to allow decisions on homeownership and stockholding to be simultaneous and endogenous. We use a dynamic bivariate logistic panel data model on the Panel Study of Income Dynamics data from 1999 to 2007, controlling for sample selection bias and time-invariant unobserved heterogeneity. These estimates allow us to simulate the individual paths of homeownership and stockholding status over whole life cycles, according to household characteristics. Ceteris paribus, we show that households acquiring one asset (either home or stocks) acquire the other at an earlier stage in their life cycles, implying that some households become trapped in a no-stockholding, renting position.
Mots-clés
Housing; Portfolio choices; Stock market participation; Bivariate logistic model
JEL
R20 - General
R21 - Housing Demand
C35 - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions

Publications associées

Affichage des éléments liés par titre et auteur.

  • Vignette de prévisualisation
    Assessing the Interaction between Real Estate and Equity in Households Portfolio Choice 
    Beaubrun-Diant, Kevin; Maury, Tristan-Pierre (2011) Communication / Conférence
  • Vignette de prévisualisation
    Corporate focus, residential assets, and the performance of French REITs 
    Beaubrun-Diant, Kévin; Maury, Tristan-Pierre (2021) Article accepté pour publication ou publié
  • Vignette de prévisualisation
    Implications of homeownership policies on land prices: the case of a French experiment 
    Beaubrun-Diant, Kévin; Maury, Tristan-Pierre (2021) Article accepté pour publication ou publié
  • Vignette de prévisualisation
    On the Impact of Public Housing on Income Segregation in France 
    Beaubrun-Diant, Kevin; Maury, Tristan-Pierre (2022) Article accepté pour publication ou publié
  • Vignette de prévisualisation
    Income Segregation and Social Housing 
    Beaubrun-Diant, Kévin; Maury, Tristan-Pierre (2020) Document de travail / Working paper
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