Impact of demographic change on stock prices

The Quarterly Review of Economics and Finance（2016）

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摘要

•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.

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关键词

Demographic structure,Price–dividend ratio,Structural break,Budget deficit,Inflation

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