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Does the elderly's private pension ownership intensify aggregate equity demand? Empirical evidence in the US
- Title
- Does the elderly's private pension ownership intensify aggregate equity demand? Empirical evidence in the US
- Authors
- Kim, Sei-Wan; Kim, Young-Min; Jansen, Dennis W.; Lu Yanxin
- Ewha Authors
- 김세완
- SCOPUS Author ID
- 김세완
- Issue Date
- 2022
- Journal Title
- INVESTMENT ANALYSTS JOURNAL
- ISSN
- 1029-3523
2077-0227
- Citation
- INVESTMENT ANALYSTS JOURNAL vol. 51, no. 2, pp. 83 - 93
- Keywords
- equity purchase; private pension; old generation; income structure; life expectancy
- Publisher
- INVESTMENT ANALYSTS SOC SOUTHERN AFRICA
- Indexed
- SSCI; SCOPUS
- Document Type
- Article
- Abstract
- In this paper, we investigate how the old generation income structure affects aggregate equity purchases, using Flows of Funds Accounts and Survey of Consumer Finances. Our results suggest that the risk aversion that increases with age could be modified to incorporate the old's pension ownership. In particular, private pension income to elder households are related to increased aggregate equity purchases, even considering other pension and all other income. In this sense, private pensions are a 'stepping-stone' to increased equity investment in US households.
- DOI
- 10.1080/10293523.2022.2073049
- Appears in Collections:
- 사회과학대학 > 경제학전공 > Journal papers
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