Эксоцман
на главную поиск contacts

The Consumption of Stockholders and Nonstockholders

Опубликовано на портале: 02-11-2007
Journal of Financial Economics. 1991.  Vol. 29. No. 1. P. 97-112. 
Only one-fourth of U.S. families own stock. This paper examines whether the consumption of stockholders differs from the consumption of non-stockholders and whether these differences help explain the empirical failures of the consumption-based CAPM. Household panel data are used to construct time series on the consumption of each group. The results indicate that the consumption of stockholders is more volatile than that of non-stockholders and is more highly correlated with the excess return on the stock market. These differences help explain the size of the equity premium, although they do not fully resolve the equity premium puzzle

Полный текст находится в закрытом доступе на сайте ScienceDirect. Кроме того, рабочую версию можно найти на сайте NBER
BiBTeX
RIS
Ключевые слова

См. также:
Yacine Ait-Sahalia, Jonathan A. Parker, Motohiro Yogo
[Статья]
Martin Lettau, Sydney Ludvigson, Jessica A. Wachter
AFA 2005 Philadelphia Meetings; 14th Annual Utah Winter Finance Conference Paper. 2004. 
[Статья]
Andrew B. Abel
American Economic Review. 1990.  Vol. 80. No. 2. P. 38-42. 
[Статья]
Xenia Matschke
Jahrbücher für Nationalökonomie und Statistik. 2003.  No. 223. P. 712-718. 
[Статья]