منابع مشابه
Demographics and Industry Returns
Do demographic patterns affect stock returns across industries? While there is a substantial literature on the impact of demographic fluctuations on aggregate stock returns (Gurdip S. Bakshi and Zhiwu Chen 1994; James M. Poterba 2001; Andrew B. Abel 2003; John Geanakoplos, Michael J. P. Magill, and Martine Quinzii 2004; Andrew Ang and Angela Maddaloni 2005), there is little evidence on the effe...
متن کاملThe Demographics of Innovation and Asset Returns
We study asset-pricing implications of innovation in a general-equilibrium overlappinggenerations economy. Innovation increases the competitive pressure on existing firms and workers, reducing the profits of existing firms and eroding the human capital of older workers. Due to the lack of inter-generational risk sharing, innovation creates a systematic risk factor, which we call “displacement r...
متن کاملDemographics , Stock Market Flows , and Stock Returns ∗
This paper studies the link between population age structure, net outflows (dividends plus repurchases less net issues) from the stock market, and stock market returns in an overlapping generations framework. I find support for the traditional lifecycle models — the outflows from the stock market are positively correlated with the changes in the fraction of old people (65 and over) and negative...
متن کاملIndustry Concentration and Average Stock Returns∗
This paper shows that differences in industry concentration help explain the crosssection of average stock returns. Firms in concentrated industries earn lower returns, even after controlling for size, book-to-market and momentum. The premium for industry concentration exhibits systematic business cycle variation. In addition, the premium on book-to-market is higher in more concentrated industr...
متن کاملDemographics of the European Apicultural Industry
Over the last few years, many European and North American countries have reported a high rate of disorders (mortality, dwindling and disappearance) affecting honeybee colonies (Apis mellifera). Although beekeeping has become an increasingly professional activity in recent years, the beekeeping industry remains poorly documented in Europe. The European Union Reference Laboratory for Honeybee Hea...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2007
ISSN: 0002-8282
DOI: 10.1257/aer.97.5.1667