TY  - UNPD
A1  - Corradin, Stefano
A1  - Gropp, Reint
A1  - Huizinga, Harry
A1  - Laeven, Luc
T1  - Who invests in home equity to exempt wealth from bankruptcy? : [This draft: May 2013]
T2  - SAFE working paper series ; No. 21
N2  - Homestead exemptions to personal bankruptcy allow households to retain their home equity up to a limit determined at the state level. Households that may experience bankruptcy thus have an incentive to bias their portfolios towards home equity. Using US household data for the period 1996 to 2006, we find that household demand for real estate is relatively high if the marginal investment in home equity is covered by the exemption. The home equity bias is more pronounced for younger households that face more financial uncertainty and therefore have a higher ex ante probability of bankruptcy.
T3  - SAFE working paper - 21 
KW  - Homestead exemptions
KW  - Personal bankruptcy
KW  - Portfolio allocation
KW  - Home ownership
Y1  - 2013
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/30574
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-305746
UR  - http://ssrn.com/abstract=2268926
IS  - Draft: May 2013
CY  - Frankfurt am Main
ER  -