Do Demographic Changes Affect Risk Premiums ? Evidence from International Data

  title={Do Demographic Changes Affect Risk Premiums ? Evidence from International Data},
  author={Andrew Ang and Angela Maddaloni and angela. maddaloni},
  • Andrew Ang, Angela Maddaloni, angela. maddaloni
  • Published 2001
We examine the link between equity risk premiums and demographic changes using a very long sample over the twentieth century for the US, Japan, UK, Germany and France, and a shorter sample covering the last third of the twentieth century for fifteen countries. We find that demographic variables significantly predict excess returns internationally. However, the demographic predictability found in the US by past studies for the average age of the population does not extend to other countries… CONTINUE READING
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