Does the elderly’s private pension ownership intensify aggregate equity demand? Empirical evidence in the US

IF 1.2 4区经济学 Q3 BUSINESS, FINANCE

Investment Analysts Journal Pub Date : 2022-04-03 DOI:10.1080/10293523.2022.2073049

S. Kim, Young-min Kim, Dennis W. Jansen, Yanxin Lu

引用次数: 0

Abstract

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.

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老年人的私人养老金所有权是否加剧了总股本需求?美国的经验证据

摘要在本文中，我们使用资金账户流动和消费者金融调查来研究旧一代收入结构如何影响总股权购买。我们的研究结果表明，随着年龄的增长，风险厌恶情绪可以被修改，以纳入老年人的养老金所有权。特别是，老年家庭的私人养老金收入与总股本购买量的增加有关，即使考虑到其他养老金和所有其他收入。从这个意义上说，私人养老金是增加美国家庭股权投资的“垫脚石”。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Investment Analysts Journal BUSINESS, FINANCE-

CiteScore

1.90

自引率

11.10%

发文量

期刊介绍： The Investment Analysts Journal is an international, peer-reviewed journal, publishing high-quality, original research three times a year. The journal publishes significant new research in finance and investments and seeks to establish a balance between theoretical and empirical studies. Papers written in any areas of finance, investment, accounting and economics will be considered for publication. All contributions are welcome but are subject to an objective selection procedure to ensure that published articles answer the criteria of scientific objectivity, importance and replicability. Readability and good writing style are important. No articles which have been published or are under review elsewhere will be considered. All submitted manuscripts are subject to initial appraisal by the Editor, and, if found suitable for further consideration, to peer review by independent, anonymous expert referees. All peer review is double blind and submission is via email. Accepted papers will then pass through originality checking software. The editors reserve the right to make the final decision with respect to publication.