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Impact of demographic change on stock prices

Author

Listed:
  • Quayes, Shakil
  • Jamal, Abul M.M.

Abstract

Focusing on the relationship between the demographic structure of population and stock prices, we find that stock prices are positively affected by the proportion of population in their prime earning age and negatively affected by the proportion of retirees. The empirical analysis identifies a structural break coinciding with the first wave of baby boomers reaching their prime earning age in the early 1990s. In addition, the results show that both budget deficit and inflation have a negative effect on stock prices.

Suggested Citation

  • Quayes, Shakil & Jamal, Abul M.M., 2016. "Impact of demographic change on stock prices," The Quarterly Review of Economics and Finance, Elsevier, vol. 60(C), pages 172-179.
    • Handle: RePEc:eee:quaeco:v:60:y:2016:i:c:p:172-179
    DOI: 10.1016/j.qref.2015.08.005
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    Cited by:

    1. Tomosk, Steve & Haysom, Joan E. & Wright, David, 2017. "Quantifying economic risk in photovoltaic power projects," Renewable Energy, Elsevier, vol. 109(C), pages 422-433.
    2. Woodmass, Kyler & Weisberg, Sanford & Shlomi, Hilla & Rockymore, Maxie & Wells, Susan J., 2017. "Examining the potential for racial disparity in out-of-home placement decisions: A quantitative matched-pair study," Children and Youth Services Review, Elsevier, vol. 75(C), pages 96-109.
    3. Vlandas, Tim, 2022. "Grey power and Economic Performance," SocArXiv d3ybr, Center for Open Science.

    More about this item

    Keywords

    Demographic structure; Price–dividend ratio; Structural break; Budget deficit; Inflation;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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