Different demands for almost the same assets? Demographic structure's different effect on direct and indirect equity purchase
- 주제(키워드) direct and indirect equity purchase , Fourier flexible form , life cycle risk-aversion hypothesis
- 등재 SSCI, SCOPUS
- 발행기관 John Wiley and Sons Inc
- 발행년도 2024
- 총서유형 Journal
- URI http://www.dcollection.net/handler/ewha/000000231410
- 본문언어 영어
- Published As https://doi.org/10.1111/irfi.12436
초록/요약
This study is motivated by the improved empirical framework of the Fourier flexible form estimation to investigate how the demographic structure leads to asymmetric effects on direct and indirect (mutual fund) equity demands. We find that, first, the demographic structure has asymmetric effects between direct and indirect equity purchases. Second, those in early old age create a stronger demand for indirect equity than other age cohorts in the middle of declining demand from young period. Third, we find theoretical and empirical evidence that direct and indirect equity demands respond asymmetrically to market risk aversion. Finally, we find evidence that bonds can substitute for indirect equity. © 2023 International Review of Finance Ltd.
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