How does the spirit of capitalism affect stock market prices?

被引：31
|
作者：
Smith, WT [1 ]
机构：
[1] Univ Memphis, Fogelman Coll Business & Econ, Memphis, TN 38152 USA
来源：
REVIEW OF FINANCIAL STUDIES | 2001年 / 14卷 / 04期
关键词：
D O I：
10.1093/rfs/14.4.1215
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Bakshi and Chen (1996b) suggest that the spirit of capitalism affects stock prices by increasing society's aversion to risk. In this article, I show that the way in which the spirit of capitalism impinges upon asset prices depends on the interaction of impatience, willingness to substitute over time, and ordinal preferences between consumption and status, in addition to risk aversion. I develop a general model that charts the channels through which the spirit of capitalism affects asset prices. An increase in the capitalist spirit may increase or decrease risk aversion, and may actually decrease the prices of risky assets.
引用
收藏
页码：1215 / 1232
页数：18
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