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- Title
A Cohort Analysis of Equity Shares in Japanese Household Financial Assets.
- Authors
Fukuda, Kosei
- Abstract
Aggregate data on equity shares in Japanese household financial assets, classified by period and age, are decomposed into age, period, and cohort effects by using two different identification methods: one assumes that each effect fluctuates smoothly and the other assumes that the period effect is orthogonal to a linear time trend. Both methods provide a very similar and striking empirical finding. The main factor in the life-cycle movement of equity shares is not the age effect but the cohort effect. Comprehensive robustness checks support this finding.
- Subjects
JAPAN; COHORT analysis; EQUITY (Law); ASSETS (Accounting); HOUSEHOLDS; SYSTEM identification; FINANCIAL risk; EMPIRICAL research
- Publication
Journal of Financial Econometrics, 2011, Vol 9, Issue 2, p409
- ISSN
1479-8409
- Publication type
Article
- DOI
10.1093/jjfinec/nbp022