Consumption-wealth ratio and expected stock returns: evidence from panel data
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/13668 |
Resumo: | This paper investigates the role of consumption-wealth ratio on predicting future stock returns through a panel approach. We follow the theoretical framework proposed by Lettau and Ludvigson (2001), in which a model derived from a nonlinear consumer’s budget constraint is used to settle the link between consumption-wealth ratio and stock returns. Using G7’s quarterly aggregate and financial data ranging from the first quarter of 1981 to the first quarter of 2014, we set an unbalanced panel that we use for both estimating the parameters of the cointegrating residual from the shared trend among consumption, asset wealth and labor income, cay, and performing in and out-of-sample forecasting regressions. Due to the panel structure, we propose different methodologies of estimating cay and making forecasts from the one applied by Lettau and Ludvigson (2001). The results indicate that cay is in fact a strong and robust predictor of future stock return at intermediate and long horizons, but presents a poor performance on predicting one or two-quarter-ahead stock returns. |
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Castro, Andressa Souza Campos Monteiro deEscolas::EPGEFGVGomes, Fabio Augusto ReisGaglianone, Wagner PiazzaIssler, João Victor2015-05-04T12:47:13Z2015-05-04T12:47:13Z2015-03-20CASTRO, Andressa Souza Campos Monteiro. Consumption-wealth ratio and expected stock returns: evidence from panel data. Dissertação (Mestrado em Economia) - FGV - Fundação Getúlio Vargas, Rio de Janeiro, 2015.https://hdl.handle.net/10438/13668This paper investigates the role of consumption-wealth ratio on predicting future stock returns through a panel approach. We follow the theoretical framework proposed by Lettau and Ludvigson (2001), in which a model derived from a nonlinear consumer’s budget constraint is used to settle the link between consumption-wealth ratio and stock returns. Using G7’s quarterly aggregate and financial data ranging from the first quarter of 1981 to the first quarter of 2014, we set an unbalanced panel that we use for both estimating the parameters of the cointegrating residual from the shared trend among consumption, asset wealth and labor income, cay, and performing in and out-of-sample forecasting regressions. Due to the panel structure, we propose different methodologies of estimating cay and making forecasts from the one applied by Lettau and Ludvigson (2001). The results indicate that cay is in fact a strong and robust predictor of future stock return at intermediate and long horizons, but presents a poor performance on predicting one or two-quarter-ahead stock returns.engConsumption-wealth ratioCointegrating residualStock returnsUnbalanced panelEconomiaConsumo (Economia)MacroeconomiaMercado financeiroAções (Finanças)CointegraçãoConsumption-wealth ratio and expected stock returns: evidence from panel datainfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINALPDFPDFapplication/pdf676467https://repositorio.fgv.br/bitstreams/3043d6e1-fcc7-4019-89ab-2efb72993d5f/downloadfdc9136b5dfb8c962d18e88e3f041564MD51LICENSElicense.txtlicense.txttext/plain; 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|
dc.title.eng.fl_str_mv |
Consumption-wealth ratio and expected stock returns: evidence from panel data |
title |
Consumption-wealth ratio and expected stock returns: evidence from panel data |
spellingShingle |
Consumption-wealth ratio and expected stock returns: evidence from panel data Castro, Andressa Souza Campos Monteiro de Consumption-wealth ratio Cointegrating residual Stock returns Unbalanced panel Economia Consumo (Economia) Macroeconomia Mercado financeiro Ações (Finanças) Cointegração |
title_short |
Consumption-wealth ratio and expected stock returns: evidence from panel data |
title_full |
Consumption-wealth ratio and expected stock returns: evidence from panel data |
title_fullStr |
Consumption-wealth ratio and expected stock returns: evidence from panel data |
title_full_unstemmed |
Consumption-wealth ratio and expected stock returns: evidence from panel data |
title_sort |
Consumption-wealth ratio and expected stock returns: evidence from panel data |
author |
Castro, Andressa Souza Campos Monteiro de |
author_facet |
Castro, Andressa Souza Campos Monteiro de |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.member.none.fl_str_mv |
Gomes, Fabio Augusto Reis Gaglianone, Wagner Piazza |
dc.contributor.author.fl_str_mv |
Castro, Andressa Souza Campos Monteiro de |
dc.contributor.advisor1.fl_str_mv |
Issler, João Victor |
contributor_str_mv |
Issler, João Victor |
dc.subject.por.fl_str_mv |
Consumption-wealth ratio Cointegrating residual |
topic |
Consumption-wealth ratio Cointegrating residual Stock returns Unbalanced panel Economia Consumo (Economia) Macroeconomia Mercado financeiro Ações (Finanças) Cointegração |
dc.subject.eng.fl_str_mv |
Stock returns Unbalanced panel |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Consumo (Economia) Macroeconomia Mercado financeiro Ações (Finanças) Cointegração |
description |
This paper investigates the role of consumption-wealth ratio on predicting future stock returns through a panel approach. We follow the theoretical framework proposed by Lettau and Ludvigson (2001), in which a model derived from a nonlinear consumer’s budget constraint is used to settle the link between consumption-wealth ratio and stock returns. Using G7’s quarterly aggregate and financial data ranging from the first quarter of 1981 to the first quarter of 2014, we set an unbalanced panel that we use for both estimating the parameters of the cointegrating residual from the shared trend among consumption, asset wealth and labor income, cay, and performing in and out-of-sample forecasting regressions. Due to the panel structure, we propose different methodologies of estimating cay and making forecasts from the one applied by Lettau and Ludvigson (2001). The results indicate that cay is in fact a strong and robust predictor of future stock return at intermediate and long horizons, but presents a poor performance on predicting one or two-quarter-ahead stock returns. |
publishDate |
2015 |
dc.date.accessioned.fl_str_mv |
2015-05-04T12:47:13Z |
dc.date.available.fl_str_mv |
2015-05-04T12:47:13Z |
dc.date.issued.fl_str_mv |
2015-03-20 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
CASTRO, Andressa Souza Campos Monteiro. Consumption-wealth ratio and expected stock returns: evidence from panel data. Dissertação (Mestrado em Economia) - FGV - Fundação Getúlio Vargas, Rio de Janeiro, 2015. |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/13668 |
identifier_str_mv |
CASTRO, Andressa Souza Campos Monteiro. Consumption-wealth ratio and expected stock returns: evidence from panel data. Dissertação (Mestrado em Economia) - FGV - Fundação Getúlio Vargas, Rio de Janeiro, 2015. |
url |
https://hdl.handle.net/10438/13668 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
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FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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