英文文献：Household Portfolio Choice Before and After a House Purchase-买房前后的家庭投资组合选择
英文文献作者：Ran Sun Lyng,Jie Zhou
英文文献摘要：
We document the temporal patterns of the household portfolio choice over a 7-year period around a house purchase, using unique administrative panel data from Denmark. We find that (i) households accumulate considerably more liquid wealth in a few years before the purchase of a house and draw down liquid wealth at the year of purchase; (ii) the equity market participation rate drops during the year of the house purchase; and (iii) conditional on participation, the risky asset share of liquid wealth decreases and reaches the lowest point 1 year before a house purchase but jumps up immediately after. These findings suggest that of the three channels identified in the literature that affect the risky asset demand after a house purchase, the diversification effect and the debt retirement channel dominate the liquidity demand. Liquidity demand, however, has a larger effect on the portfolio choice for poorer households after a house purchase.

我们使用来自丹麦的独特的管理面板数据，记录了在一个房子购买前后的7年时间内家庭投资组合选择的时间模式。我们发现(i)家庭在购买房屋前的几年里积累了大量的流动财富，并在购买那年减少了流动财富;(ii)在购买房屋的年内，股票市场参与率下降;(iii)在参与的条件下，流动财富中的风险资产份额下降，在购房前1年达到最低点，但购房后立即上升。这些发现表明，在文献中确定的影响购房后风险资产需求的三个渠道中，多元化效应和债务退休渠道主导着流动性需求。然而，流动性需求对贫困家庭在购房后的投资组合选择有更大的影响。