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Stock prices and demographic structure: A cointegration approach

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  • Bae, Youngsoo

Abstract

Using cointegration methods, I find a negative impact of the proportion of the population in the retirement age on stock prices in the US, but no positive impact of the proportion of the population in the prime earning age.

Suggested Citation

  • Bae, Youngsoo, 2010. "Stock prices and demographic structure: A cointegration approach," Economics Letters, Elsevier, vol. 107(3), pages 341-344, June.
  • Handle: RePEc:eee:ecolet:v:107:y:2010:i:3:p:341-344
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    References listed on IDEAS

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    1. Stock, James H & Watson, Mark W, 1993. "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems," Econometrica, Econometric Society, vol. 61(4), pages 783-820, July.
    2. Choi, Chi-Young & Hu, Ling & Ogaki, Masao, 2008. "Robust estimation for structural spurious regressions and a Hausman-type cointegration test," Journal of Econometrics, Elsevier, vol. 142(1), pages 327-351, January.
    3. Caballero, Ricardo J, 1994. "Small Sample Bias and Adjustment Costs," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 52-58, February.
    4. Goyal, Amit, 2004. "Demographics, Stock Market Flows, and Stock Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 39(01), pages 115-142, March.
    5. Jamal, A. M. M. & Quayes, Shakil, 2004. "Demographic structure and stock prices," Economics Letters, Elsevier, vol. 84(2), pages 211-215, August.
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    1. repec:spr:qualqt:v:51:y:2017:i:6:d:10.1007_s11135-016-0407-1 is not listed on IDEAS

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