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- W4386570519 abstract "The dual nature of property as both a consumption and investment good presents a challenge for households’ portfolios. Prior theoretical literature predicts a constraint imposed by property on investment decisions, and empirical studies support this notion. However, previous research often overlooks investigating the heterogeneity of this constraint and fails to differentiate between owner-occupied and investment property. With reference to the predictions of a stochastic control model, we turn to data from the UK’s Wealth and Assets Survey panel. On average, we find that a 1 percentage point (pp) increase in the share of owner-occupied property in the total portfolio is associated with a 0.07 pp decrease in the share of stocks in liquid assets. However, this association varies significantly based on the value of the owner-occupied property share. For low values of the owner-occupied property share, the association with stockholdings is negligible, close to 0. As the share of owner-occupied property increases, the negative association with stockholdings becomes more pronounced: when the owner-occupied property share reaches 90%, a 1 pp increase corresponds to a 0.14 pp decrease in the share of stocks in liquid assets. Buy-to-Let property shows instead no significant relationship with stockholdings, supporting the idea that the constraint on portfolio decisions is primarily driven by the role of property as a consumption good." @default.
- W4386570519 created "2023-09-10" @default.
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- W4386570519 date "2023-12-01" @default.
- W4386570519 modified "2023-10-14" @default.
- W4386570519 title "The heterogeneous relationship of owner-occupied and investment property with household portfolio choice" @default.
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- W4386570519 doi "https://doi.org/10.1016/j.jhe.2023.101964" @default.
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