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A Cohort Analysis of Equity Shares in Japanese Household Financial Assets

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  • Kosei Fukuda

Abstract

Aggregate data on equity shares in Japanese household financial assets, classified by period and age, are decomposed into age, period, and cohort effects by using two different identification methods: one assumes that each effect fluctuates smoothly and the other assumes that the period effect is orthogonal to a linear time trend. Both methods provide a very similar and striking empirical finding. The main factor in the life-cycle movement of equity shares is not the age effect but the cohort effect. Comprehensive robustness checks support this finding. Copyright The Author 2009. Published by Oxford University Press. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.

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  • Kosei Fukuda, 2011. "A Cohort Analysis of Equity Shares in Japanese Household Financial Assets," Journal of Financial Econometrics, Oxford University Press, vol. 9(2), pages 409-435, Spring.
    • Handle: RePEc:oup:jfinec:v:9:y:2011:i:2:p:409-435
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    File URL: http://hdl.handle.net/10.1093/jjfinec/nbp022
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    Cited by:

    1. Tracey West & Andrew Worthington, 2014. "Macroeconomic Conditions and Australian Financial Risk Attitudes, 2001–2010," Journal of Family and Economic Issues, Springer, vol. 35(2), pages 263-277, June.

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