کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
980351 1480440 2016 8 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Impact of demographic change on stock prices
ترجمه فارسی عنوان
تاثیر تغییرات جمعیتی بر قیمت سهام
کلمات کلیدی
ساختار جمعیتی؛ نسبت قیمت به سود سهام؛ شکستن ساختاری؛ کسری بودجه؛ تورم
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


• We investigate the possible impact of demographic change on stock prices.
• Stock prices are positively affected by the prime earning age population proportion.
• Stock prices are negatively affected by the proportion of retirees.
• Results indicate a structural break in the early 1990s.
• We show that budget deficit and inflation have a negative effect on stock prices.

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.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The Quarterly Review of Economics and Finance - Volume 60, May 2016, Pages 172–179
نویسندگان
, ,