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Early 60s is not old enough: Evidence from twenty-one countries' equity fund markets

Title
Early 60s is not old enough: Evidence from twenty-one countries' equity fund markets
Authors
Kim, Sei-WanLee, Bong-SooKim, Young-Min
Ewha Authors
김세완
SCOPUS Author ID
김세완scopus
Issue Date
2019
Journal Title
JOURNAL OF INTERNATIONAL MONEY AND FINANCE
ISSN
0261-5606JCR Link

1873-0639JCR Link
Citation
JOURNAL OF INTERNATIONAL MONEY AND FINANCE vol. 92, pp. 62 - 74
Keywords
Equity fund demandOld generationLife expectancy
Publisher
ELSEVIER SCI LTD
Indexed
SSCI; SCOPUS WOS scopus
Document Type
Article
Abstract
Motivated by the fact that demographic structure influences market risk aversion, we investigate how demographic structure affects demand for equity funds by employing twenty-one countries' data. Our main findings are as follows. First, we find that the old generation is active in equity fund investment, which goes against the life cycle risk-aversion hypothesis. In particular, investors who have newly joined the old generation demonstrates a more marked demand for equity funds than do other aged investors. Second, we find that the old generation's greater demand for equity funds is associated with the size of this population and their increased life expectancy. Our empirical results reveal that persons who are in their early 60s, that is, who have newly joined the old generation, show less market risk aversion and increased demand for equity funds. (C) 2018 Elsevier Ltd. All rights reserved.
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DOI
10.1016/j.jimonfin.2018.12.005
Appears in Collections:
사회과학대학 > 경제학전공 > Journal papers
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