The consumptionwealth ratio, real estate wealth, and the Japanese stock market

The first contribution of this paper, in following the works of Lettau and Ludvigson, 2001a and Lettau and Ludvigson, 2001b, is to construct a Japanese consumptionwealth ratio data series and to examine whether it explains Japanese stock market data. We find that the consumptionwealth ratio does pre...

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Veröffentlicht in:	Japan and the world economy 2013-01, Vol.25-26, p.39-51
Hauptverfasser:	Aono, Kohei, Iwaisako, Tokuo
Format:	Artikel
Sprache:	eng
Schlagworte:	Cointegration Consumption Cross-sectional analysis Japan Real estate Stock exchange Stock returns Wealth
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