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
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Do demand curves for stocks slope down?: Evidence from aggregate data
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
نویسندگان
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