How does changing age distribution impact stock prices? A nonparametric approach
AbstractThis paper examines whether variations in demographic structure have influenced stock prices. The study employs a nonparametric approach based on the Fourier Flexible Form representation, which relates variations in the entire age distribution to the normalized stock price under a flexible functional form. The main findings of this paper are that there is a significant impact from prime working-age consumers on the stock price, and that this impact is robust for all G5 countries (France, Germany, Japan, the UK and the USA). These findings survive many robust tests, and are consistent with the predictions from the life‐cycle models. Copyright (C) 2009 John Wiley & Sons, Ltd.
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Bibliographic InfoArticle provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.
Volume (Year): 25 (2010)
Issue (Month): 7 (November/December)
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Web page: http://www.interscience.wiley.com/jpages/0883-7252/
Other versions of this item:
- Cheolbeom Park, 2011. "How does changing age distribution impact stock prices? a nonparametric approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 26(5), pages 886-887, 08.
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- Yunus Aksoy & Tobias Grasl & Ron P Smith, 2012.
"The economic impact of demographic structure in OECD countries,"
Birkbeck Working Papers in Economics and Finance
1212, Birkbeck, Department of Economics, Mathematics & Statistics.
- Yunus Aksoy & Tobias Grasl & Ron P. Smith, 2012. "The Economic Impact of Demographic Structure in OECD Countries," CESifo Working Paper Series 3960, CESifo Group Munich.
- Yoosoon Chang & Chang Sik Kim & J. Isaac Miller & Joon Y. Park & Sungkeun Park, 2014. "Time-varying Long-run Income and Output Elasticities of Electricity Demand," Working Papers 1409, Department of Economics, University of Missouri.
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