Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints

By Rui Yao, Harold H. Zhang. 2005

597 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/716a8642c8971c8fa8ad2d9694d5b3d4eec8a6bd

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Citations in the corpus

Chapter 21 - Household Finance: An Emerging Field∗ (2013, unknown): “Financial investment is u-shaped above the third wealth decile, most likely due to the crowding out effect of real estate (Cocco, 2005; Yao and Zhang, 2005).”
Borrowing Costs and the Demand for Equity over the Life Cycle (2006, unknown): “Cocco (2004) and Yao and Zhang (2005) argue that a realistic treatment of housing can bring life-cycle models closer to the data.”
Loss-Aversion and Household Portfolio Choice (2010, unknown): “Cocco (2005) and Yao and Zhang (2005) argue that home ownership has an important effect on equity ownership.”
House Prices and Consumer Spending (2015, background): “For example, Ganong and Noel (2016) and Gorea and Midrigan (2017) have no house price shocks, which are the heart of our paper, and the former does not model housing choices.”
Consumption and Portfolio Choice over the Life Cycle (2005, unknown): “The papers by Cocco (2004), Hu (2002), and Yao and Zhang (2004) study the implications of introducing housing in a life-cycle model.”
Portfolio Choice Problems (2010, background): “The role of housing in portfolio choice problems is studied by Grossman and Laroque (1991), Flavin and Yamashita (2002), Cocco (2000,2004), Hu (2002), Campbell and Cocco (2003), and Yao and Zhang (2004), among others.”
The Life-cycle Effects of House Price Changes (2005, unknown): “3 3Flavin and Yamashita (2002), Campbell and Cocco (2003), and Yao and Zhang (2005) also assume that house price shocks are i.i.d. and permanent.”
Formative Experiences and Portfolio Choice: Evidence from the Finnish Great Depression (2017, unknown): “…risky investment if participation in stock market incurs fixed costs (Vissing-Jorgensen (2003), Gomes and Michaelides (2005)), and leverage—often originating from having taken out a mortgage—can crowd out investment in risky assets (Chetty and Szeidl (2014), Cocco (2005), Yao and Zhang (2005)).”
Do Wealth Fluctuations Generate Time-Varying Risk Aversion? Micro-Evidence on Individuals' Asset Allocation (2008, unknown): “Our results in differences are consistent with earlier purely cross-sectional studies that have found a largely insignificant relationship between these asset composition ratios and the liquid risky asset share among stock market participants (Heaton and Lucas 2000; Yao and Zhang 2005).”