کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
983523 | 1480471 | 2008 | 11 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Do demand curves for stocks slope down?: Evidence from aggregate data
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
We examine whether the aggregate demand curve for stocks is downward sloping. As a proxy for aggregate demand, we use net outflows (dividends plus repurchases less net issues) from the stock market scaled by the previous year's market capitalization. To disentangle the information and price pressure effects from the demand curve effects, we use an information-free demographic variable as an instrument and look at the relation between annual changes in aggregate demand and excess market return. We find that information-free changes in the annual aggregate demand for stocks do not lead to changes in the annual excess market return. This finding supports long-term horizontal demand curves for stocks.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The Quarterly Review of Economics and Finance - Volume 48, Issue 3, August 2008, Pages 641–651
Journal: The Quarterly Review of Economics and Finance - Volume 48, Issue 3, August 2008, Pages 641–651
نویسندگان
Xuejing Xing,