Rui Ling Yao

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We examine the optimal dynamic portfolio decisions for investors who acquire housing services from either renting or owning a house. Our results show that when indifferent between owning and renting, investors owning a house hold a lower equity proportion in their net worth (bonds, stocks, and home equity), reflecting the substitution effect, yet hold a(More)
We estimate a structural model of optimal life-cycle housing and nonhousing consumption with labor income and house price uncertainties as well as housing adjustment cost using data from the Panel Study of Income Dynamics (1984-2005). Our focus is on the substitutability between housing and nonhousing consumption, a key driver of the results in many housing(More)
We develop a life-cycle model to study the effects of house price changes on household consumption and welfare. The model explicitly incorporates the dual feature of housing as both a consumption good and an investment asset and allows for costly adjustments in housing and mortgage positions. Our analysis indicates that although house price changes have(More)
We study the consumption and portfolio choice problem for a life-cycle investor who allocates wealth to equity and bond markets. Consistent with recent empirical evidence, we accommodate time variation in bond risk premia. We analyze whether and when the investor, who has to comply with borrowing, short-sales, and liquidity constraints, can exploit(More)
Using six Survey of Consumer Finances cross-sectional datasets representing the years 1983 through 2001, this study investigates changes in financial risk tolerance levels over time. Logit analyses are performed to test changes in risk tolerance, controlling for respondent and household characteristics. Willingness to take some risk fell from 1983 to 1989,(More)
This paper examines the factors driving the equity-owner’s decision to terminate lending relationships with debt-holders through either prepaying or defaulting on their underlying debt obligations. Using loan level data, we estimate prepayment and default functions in a competing risks proportional hazard model which allows us to account for unobserved(More)
The effect of varying Ca(NO3)2 supply (0, 6, 12, and 18 mM) on growth, ion uptake, leaf chlorophyll concentration and photosynthesis of NaCl-stressed (85 mM NaCl) Cyclocarya paliurus seedlings was investigated. Addition of Ca(NO3)2 stimulated the shoot growth more than root growth. Ca(NO3)2 supply increased K+ and Ca2+ concentration, whereas the Na+(More)
It is important to study the practical dust exposure year and out-of-dust rate for the evaluation of dust level and to predict pneumoconiosis incidence in coal miners. A Retrospective Cohort Study was carried out on the calculation of practical dust exposure year and the out-of-dust rate among coal miners employed during 1958-1988 in a mine. The results(More)
We estimate a structural model of optimal life-cycle housing and consumption in the presence of realistic labor income and house price uncertainties. The model postulates constant elasticity of substitution between housing service and nonhousing consumption, and explicitly incorporates a house adjustment cost. Our estimation fits the crosssectional and(More)