A micro view on home equity withdrawal and its determinants. Evidence from Dutch households

Home equity is the most important part of a household portfolio, but only recently has it become more accessible through innovations in the mortgage market and financial deregulation. This study looks at the factors driving home equity withdrawal on a household level using Dutch survey data and assesses to which degree different theoretical predictions can be empirically supported. There is little evidence that equity withdrawal is used as a buffer against adverse income shocks, with financial motives and life-cycle effects likely to dominate a household’s decision. Finally, the study provides first evidence of the impact of changing supply side conditions on home equity withdrawal

A micro view on home equity withdrawal and its determinants. Evidence from Dutch households

Home equity is the most important part of a household portfolio, but only recently has it become more accessible through innovations in the mortgage market and financial deregulation. This study looks at the factors driving home equity withdrawal on a household level using Dutch survey data and assesses to which degree different theoretical predictions can be empirically supported. There is little evidence that equity withdrawal is used as a buffer against adverse income shocks, with financial motives and life-cycle effects likely to dominate a household’s decision. Finally, the study provides first evidence of the impact of changing supply side conditions on home equity withdrawal.home equity withdrawal; Dutch housing market; consumption models

Some results on Gaussian Besov-Lipschitz spaces and Gaussian Triebel-Lizorkin spaces

In this paper we define Besov-Lipschitz and Triebel-Lizorkin spaces in the context of Gaussian harmonic analysis, the harmonic analysis of Hermite polynomial expansions. We study inclusion relations among them, some interpolation results and continuity results of some important operators (the Ornstein-Uhlenbeck and the Poisson-Hermite semigroups and the Bessel potentials) on them. We also prove that the Gaussian Sobolev spaces $L^p_\alpha(\gamma_d)$ are contained in them. The proofs are general enough to allow extensions of these results to the case of Laguerre or Jacobi expansions and even further in the general framework of diffusions semigroups

Harmonic cohomology of symplectic fiber bundles

We show that every de Rham cohomology class on the total space of a symplectic fiber bundle with closed Lefschetz fibers, admits a Poisson harmonic representative in the sense of Brylinski. The proof is based on a new characterization of closed Lefschetz manifolds

A Monte Carlo study of random surface field effect on layering transitions

The effect of a random surface field, within the bimodal distribution, on the layering transitions in a spin-1/2 Ising thin film is investigated, using Monte Carlo simulations. It is found that the layering transitions depend strongly on the concentration $p$ of the disorder of the surface magnetic field, for a fixed temperature, surface and external magnetic fields. Indeed, the critical concentration $p_c(k)$ at which the magnetisation of each layer $k$ changes the sign discontinuously, decreases for increasing the applied surface magnetic field, for fixed values of the temperature $T$ and the external magnetic field $H$. Moreover, the behaviour of the layer magnetisations as well as the distribution of positive and negative spins in each layer, are also established for specific values of $H_s$, $H$, $p$ and the temperature $T$. \\Comment: 5 pages latex, 6 figures postscrip