This study examines the effects of home ownership on household stockholdings using Japanese microdata. To disentangle the effect of property value and mortgage debt on households’ stockholdings as a share of financial assets, we use current and time-of-purchase house price indices as instruments. Our estimates suggest that an exogenous increase in property value is associated with an increase in stockholdings, while an increase in mortgage debt is associated with a decrease. We also find that a simultaneous increase in property value and mortgage debt has no effect on stockholdings but is associated with an increase in mortgage debt repayment.

中文翻译：

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解开房屋所有权对家庭持股的影响：来自日本微观数据的证据

本研究使用日本微观数据检验了房屋所有权对家庭持股的影响。为了解开财产价值和抵押债务对家庭持股作为金融资产份额的影响，我们使用当前和购买时间的房价指数作为工具。我们的估计表明，财产价值的外生增加与持股量的增加有关，而抵押债务的增加与减少有关。我们还发现，房产价值和抵押债务的同时增加对持股没有影响，但与抵押债务偿还的增加有关。