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Journal Article
Will the shift to stocks and bonds by households be destabilizing?

In the last decade, households have tended to shift out of bank deposits and money market funds and into stocks and bonds. Some analysts and journalists worry that the shift could be destabilizing to the economy and financial markets. Consumption spending, it is argued, might fluctuate more because households have invested in riskier stocks and bonds. Financial markets also could be more volatile because households might behave as short-sighted novices who will sell assets in panic at the first dip in the market. In addition, the pension and mutual funds through which households invest tend ...
Economic Review , Volume 79 , Issue Q II , Pages 31-44

Journal Article
How long is a long-term investment?

Conventional wisdom tells us that stocks tend to outperform government bonds in the long term. That is, if stocks are held long enough, they are usually better investments because their total return is likely to be higher than the return on bonds. While this view may be correct in principle, in practice a crucial question remains: How long is long enough? The answer is important to every investor, not just the wealthy few. With employers relying increasingly on defined-contribution retirement plans, employees must make their own saving and investment decisions. ; Shen reviews historical ...
Economic Review , Volume 90 , Issue Q I , Pages 5-32

Journal Article
Are stocks overvalued?

By most standards, the price of equities in the United States has risen remarkably rapidly during the last 15 years. Since 1994 alone, the Standard & Poor's index of 500 stock prices has doubled. Although the rapid growth of corporations' profits has propelled the price of their stock, shareholders also are willing to pay a greater price per dollar of their companies' profits, and the valuation of corporations' earnings is now nearly as high as it has been since World War II. For the moment, the value of equity may rest on the growth of earnings, but in the longer run the price of stocks ...
New England Economic Review , Issue Sep , Pages 21-40

Journal Article
Are stock returns different over weekends? a jump diffusion analysis of the \\"weekend effect\\"

The distribution of returns on common stocks is, arguably, one of the most widely studied financial market characteristics. The performance of stock prices during breaks in trading has received considerable attention in recent years, especially since the advent of "circuit breakers" designed to create stability when markets are chaotic. This study examines the distribution of daily returns on five popular stock price indices, with a special emphasis on the difference between returns over weekends and returns over adjacent intraweek trading days. The author revisits the "weekend ...
New England Economic Review , Issue Sep , Pages 3-19

Journal Article
Primer on U.S. stock price indices

The measurement of the "average" price of common stocks is a matter of widespread interest. Investors want to know how "the market" is doing, and to be able to compare their returns with a meaningful benchmark. Money managers often have their compensation tied to performance, typically measured by comparing their results to a benchmark portfolio, so they and their clients are interested in the benchmark portfolio's returns. And policymakers want to judge the potential for sudden adjustments in stock prices when differences from "fundamental value emerge. ; This article discusses ...
New England Economic Review , Issue Nov , Pages 25-40

Journal Article
Is margin lending marginal?

Regional Review , Volume 11 , Issue Q 3 , Pages 3 - 6

Journal Article
Financial transactions and the demand for M1

Quarterly Review , Volume 11 , Issue Sum

Journal Article
Margin requirements on equity instruments

Quarterly Review , Volume 13 , Issue Sum

Journal Article
Consistent margin requirements: are they feasible?

Quarterly Review , Volume 13 , Issue Sum

Journal Article
Margin requirements and stock market volatility

Quarterly Review , Volume 13 , Issue Sum



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Liang, J. Nellie 7 items

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Sharpe, Steven A. 5 items

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