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| Author: | Bakshi, G. Chen, Z. |
| Title: | Baby boom, population aging, and capital markets |
| Journal: | Journal of Business
1994 : APR, VOL. 67:2, p. 165-202 |
| Index terms: | BUSINESS ECONOMICS MARKETS POPULATION |
| Language: | eng |
| Abstract: | This article tests how demographic changes affect capital markets. The life-cycle investment hypothesis states that at an early stage an investor allocates more wealth in housing and then switches to financial assets at a later stage. Consequently, the stock market should rise but the housing market should decline with the average age, a prediction supported in the post-1945 period. The second hypotheses that an investor's risk aversion increases with age is tested by estimating the resulting Euler equation and supported in the post-1945 period. |
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