Impact of long run investment of stock in developed & developing economies

References

• Akinlo, A. E., & Akinlo, O. O. (2009). Stock market development and economic growth: Evidence from seven sub-Sahara African countries. Journal of Economics and Business, 61(2), 162–26. https://doi.org/10.1016/j.jeconbus.2008.05.001
   Google Scholar
• Asness, C. S., Moskowitz, T. J., & Pedersen, L. H. (2013). Value and momentum everywhere. The Journal of Finance, 68(3), 929–985. https://doi.org/10.1111/jofi.12021
   Web of Science ®Google Scholar
• Avdis, E., & Wachter, J. A. (2017). Maximum likelihood estimation of the equity premium. Journal of Financial Economics, 125(3), 589–609. https://doi.org/10.1016/j.jfineco.2017.06.003
   Web of Science ®Google Scholar
• Avramov, D., Cederburg, S., & Lucivjanská, ˇ. K. (2018). Are stocks riskier over the long run? Taking cues from economic theory. The Review of Financial Studies, 31(2), 556–594. https://doi.org/10.1093/rfs/hhx079
   Web of Science ®Google Scholar
• Barberis, N. C. (2000). Investing for the long run when returns are predictable. The Journal of Finance, 55(1), 225–264. https://doi.org/10.1111/0022-1082.00205
   Web of Science ®Google Scholar
• Barro, R. J. (2006). Rare disasters and asset markets in the twentieth century. Quarterly Journal of Economics, 121(3), 823–866. https://doi.org/10.1162/qjec.121.3.823
   Web of Science ®Google Scholar
• Barro, R. J., & Ursúa, J. (2008). Consumption disasters in the twentieth century. American Economic Review, 98(2), 58–63. https://doi.org/10.1257/aer.98.2.58
   Web of Science ®Google Scholar
• Barro, R. J., & Jin, T. (2011). On the size distribution of macroeconomic disasters. Econometrica, 79(5), 1567–1589. https://doi.org/10.3982/ECTA8827
   Web of Science ®Google Scholar
• Barro, R. J., & Ursúa, J. (2012). Rare macroeconomic disasters. Annual Review of Economics, 4(1), 83–109. https://doi.org/10.1146/annurev-economics-080511-110932
   Web of Science ®Google Scholar
• Barro, R. J., & Ursúa, J. (2017). Stock-market crashes and depressions. Research in Economics, 71(3), 384–398. https://doi.org/10.1016/j.rie.2017.04.001
   Web of Science ®Google Scholar
• Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking and Finance, 28(3), 423–442. https://doi.org/10.1016/S0378-4266(02)00408-9
   Web of Science ®Google Scholar
• Bencivenga, V. R., & Smith, B. D. (1991). Financial Intermediation and endogenous growth. The Review of Economic Studies, 58(2), 195–209. https://doi.org/10.2307/2297964
   Web of Science ®Google Scholar
• Bhide, A. (1993). The hidden costs of stock market liquidity. Journal of Financial Economics, 34(1), 31–51. https://doi.org/10.1016/0304-405X(93)90039-E
   Web of Science ®Google Scholar
• Boyle, G., & Peterson, J. (1995). Monterey policy, aggregate uncertainty, and stock market. Journal of Money, Credit, and Banking, 27(1), 570–582. https://doi.org/10.2307/2077884
   Web of Science ®Google Scholar
• Brown, S. J., & Warner, J. B. (1980). Measuring security price performance. Journal of Financial Economics, 8(3), 205–258. https://doi.org/10.1016/0304-405X(80)90002-1
   Web of Science ®Google Scholar
• Brown, S. J., & Warner, J. B. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14(1), 3–31. https://doi.org/10.1016/0304-405X(85)90042-X
   Web of Science ®Google Scholar
• Brown, S. J., Goetzmann, W. N., & Ross, S. A. (1995). Survival. The Journal of Finance, 50(3), 853–873. https://doi.org/10.1111/j.1540-6261.1995.tb04039.x
   Google Scholar
• Campbell, J. Y., & Shiller, R. J. (1988). The dividend-price ratio and expectations of future dividends and discount factors. Review of Financial Studies, 1(3), 195–228. https://doi.org/10.1093/rfs/1.3.195
   Web of Science ®Google Scholar
• Campbell, J. Y., & Viceira, L. M. (2002). Strategic asset allocation: Portfolio choice for long-term investors. Oxford University Press.
   Google Scholar
• Chami, R., Cosimano, T. F., & Gapen, M. (2006). Beware of emigrants bearing gifts: Optimal Fiscal and Monetary policy in the presence of remittances. IMF Working Papers 06/61 Washington: International Monetary Fund.
   Google Scholar
• Chen, N., Roll, R., & Ross, S. (1986). Economic forces and the stock market. The Journal of Business, 59(3), 383–403. https://doi.org/10.1086/296344
   Web of Science ®Google Scholar
• Cottle, S., Dodd, D. L., & Graham, B. (1962). Security Analysis. New York: McGraw.
   Google Scholar
• Deb, S. G., & Mukherjee, J. (2008). Does stock market development cause economic growth? Time series analysis for Indian economy. International Research Journal of Finance and Economics, 21(3), 142–149. https://doi.org/10.1016/S2212-5671(12)00177-3
   Google Scholar
• Devereux, M. B., & Smith, G. W. (1994). International Risk Sharing and Economic Growth. International Economic Review, 35, 535–550.
   Web of Science ®Google Scholar
• Diamond, D. W. (1996). Financial intermediation as delegated monitoring: A simple example. Federal Reserve Bank of Richmond Economic Quarterly, 82(3) Summer, 82–83. https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/economic_quarterly/1996/summer/pdf/diamond.pdf
   Google Scholar
• Dimson, E., Marsh, P. R., & Staunton, M. (2002). Triumph of the optimists: 101 years of global investment returns. Princeton University Press.
   Google Scholar
• El-Wassal, K. A. (2005). Stock market growth: An analysis of cointegration and causality. Economic Issues, 10(1), 37–58. https://www.usc.es/economet/reviews/aeid13116.pdf
   Google Scholar
• Engle, R. F. (1982). Autoregressive conditional heteroscedasticity with estimates of the variance of United Kingdom inflation. Econometrica, 50(4), 987–1007. https://doi.org/10.2307/1912773
   Web of Science ®Google Scholar
• Enisan, A. A., & Olufisayo, A. O. (2009). Stock market development and economic growth: Evidence from seven sub-Sahara African countries. Journal of Economics and Business, 61(2), 162–171. https://doi.org/10.1016/j.jeconbus.2008.05.001
   Google Scholar
• Fama, E. F. (1981). Stock returns, real activity, inflation and money. American Economic Review, 71(4), 545–565. http://www.jstor.org/stable/1806180
   Web of Science ®Google Scholar
• Fama, E. F. (1990). Stock returns, expected returns and real activity. Journal of Finance, 45(4), 1089–1108. https://doi.org/10.1111/j.1540-6261.1990.tb02428.x
   Web of Science ®Google Scholar
• Fama, E. F., & French, K. R. (1998). Value versus growth: The international evidence. The Journal of Finance, 53(6), 1975–1999. https://doi.org/10.1111/0022-1082.00080
   Web of Science ®Google Scholar
• Fama, E. F., & French, K. R. (2018a). Long-horizon returns. The Review of Asset Pricing Studies, 8(2), 232–252. https://doi.org/10.1093/rapstu/ray001
   Web of Science ®Google Scholar
• Fama, E. F., & French, K. R. (2018b). Volatility lessons. Financial Analysts Journal, 74(3), 42–53. https://doi.org/10.2469/faj.v74.n3.6
   Web of Science ®Google Scholar
• French, K. R., & Poterba, J. M. (1991). Investor diversification and international equity markets. American Economic Review, 81, 222–226. https://www.nber.org/system/files/working_papers/w3609/w3609.pdf
   Web of Science ®Google Scholar
• Fulghieri, P., & Rovelli, R. (1998). Capital markets, financial intermediaries and liquidity supply. Journal of Banking and Finance, 22(9), 1157–1180. https://doi.org/10.1016/S0378-4266(98)00053-3
   Web of Science ®Google Scholar
• Garcia, F. V., & Lin, L. (1999). Macroeconomic determinants of stock market development. Journal of Applied Economics, 2(1), 29–59. https://doi.org/10.1080/15140326.1999.12040532
   Google Scholar
• Geske, R., & Roll, R. (1983). The Fiscal and Monetary linkage between stock market returns and inflation. Journal of Finance, 38(1), 7–33. https://doi.org/10.1111/j.1540-6261.1983.tb03623.x
   Web of Science ®Google Scholar
• Goetzmann, W. N., & Jorion, P. (1995). A longer look at dividend yields. The Journal of Business, 68(4), 483–508. https://doi.org/10.1086/296674
   Web of Science ®Google Scholar
• Golez, B., & Koudijs, P. (2018). Four centuries of return predictability. Journal of Financial Economics, 127(2), 248–263. https://doi.org/10.1016/j.jfineco.2017.12.007
   Web of Science ®Google Scholar
• Greenwood, J., & Smith, B. (1997). Financial markets in development and the development of financial markets. Journal of Economic Dynamics & Control. https://doi.org/10.1016/0165-1889(95)00928-0
   Google Scholar
• Harris, R. (1997). Stock markets and development: A re-assessment. European Economic Review, 41(1), 139–146. https://doi.org/10.1016/S0014-2921(96)00021-9
   Web of Science ®Google Scholar
• Hassapis, C., & Kalyvitis, S. (2002). Investigating the links between growth and stock price changes with empirical evidence from the G7 economies. Quarterly Review of Economics and Finance, 42(3), 543–575. https://doi.org/10.1016/S1062-9769(01)00111-9
   Google Scholar
• Jawad, M., Naz, M., & Shamsi, M. A. (2021). Impact of noninterest income on bank risk-taking and bank lending spread. Review of Pacific Basin Financial Markets and Policies, 24(4), 2150029. https://doi.org/10.1142/S0219091521500296
   Web of Science ®Google Scholar
• Jordà, Ò., Knoll, K., Kuvshinov, D., Schularick, M., & Taylor, A. M. (2019). The rate of return on everything, 1870–2015. The Quarterly Journal of Economics, 134(3), 1225–1298. https://doi.org/10.1093/qje/qjz012
   Web of Science ®Google Scholar
• Jorion, P., & Goetzmann, W. N. (1999). Global stock markets in the twentieth century. The Journal of Finance, 54(3), 953–980. https://doi.org/10.1111/0022-1082.00133
   Web of Science ®Google Scholar
• Kosowski, R., Timmermann, A., Wermers, R., & White, H. (2006). Can mutual fund “stars” really pick stocks? New evidence from a bootstrap analysis. The Journal of Finance, 61(6), 2551–2595. https://doi.org/10.1111/j.1540-6261.2006.01015.x
   Web of Science ®Google Scholar
• Kuznets, S. (1973). Modern economic growth: Findings and reflections. American Economic Review, 63(3), 247–258. http://links.jstor.org/sici?sici=0002-8282%2819730O%3B2-I&origin=repec
   Web of Science ®Google Scholar
• Levine, R. (1991). Stock market, growth, and tax policy. Journal of Finance, 46(4), 1445–1465. https://doi.org/10.1111/j.1540-6261.1991.tb04625.x
   Web of Science ®Google Scholar
• Levine, R. (1996). Stock markets: A spur to economic growth. Article Based on 12 Papers Presented at a World Bank conference, “Stock Markets, Corporate Finance, and Economic Growth” World Bank, 1995, Washington DC, World Bank.
   Google Scholar
• Levine, R., & Zervos, S. (1998). Stock markets, banks and economic growth. American Economic Review, 88(3), 537–558. http://www.jstor.org/stable/116848
   Web of Science ®Google Scholar
• Linnainmaa, J. T., & Roberts, M. R. (2018). The history of the cross-section of stock returns. The Review of Financial Studies, 31(7), 2606–2649. https://doi.org/10.1093/rfs/hhy030
   Web of Science ®Google Scholar
• Lo, A. W., & MacKinlay, A. C. (1988). Stock market prices do not follow random walks: Evidence from a simple specification test. Review of Financial Studies, 1(1), 41–66. https://doi.org/10.1093/rfs/1.1.41
   Web of Science ®Google Scholar
• Lundblad, C. (2007). The risk return tradeoff in the long run: 1836–2003. Journal of Financial Economics, 85(1), 123–150. https://doi.org/10.1016/j.jfineco.2006.06.003
   Web of Science ®Google Scholar
• Malliaropulos, D. (1996). Money, long-run super neutrality, and real equity prices. Discussion paper, (7), Brunel University: UK.
   Google Scholar
• Martin, I. W. R., & Wagner, C. (2019). What is the expected return on a stock? The Journal of Finance, 74(4), 1887–1929. https://doi.org/10.1111/jofi.12778
   Web of Science ®Google Scholar
• Mayer, C. (1988). New issues in corporate finance. European Economic Review, 32(5), 1167–1188. https://doi.org/10.1016/0014-2921(88)90077-3
   Web of Science ®Google Scholar
• McLean, R. D., & Pontiff, J. (2015). Does academic research destroy stock return predictability? The Journal of Finance, 71(1), 5–32. https://doi.org/10.1111/jofi.12365
   Web of Science ®Google Scholar
• Mehra, R., & Prescott, E. C. (1985). The equity premium: A puzzle. Journal of Monetary Economics, 15(2), 145–161. https://doi.org/10.1016/0304-3932(85)90061-3
   Web of Science ®Google Scholar
• Mitchell, M. L., & Stafford, E. Managerial decisions and long-term stock price performance (October 1999). CRSP Working Paper No. 453, SSRN: https://ssrn.com/abstract=94137;http://dx.doi.org/10.2139/ssrn.94137.
   Google Scholar
• Mukherjee, T. K., & Naka, A. (1995). Dynamic relations between macroeconomic variables and the Japanese stock market: An application of a vector error correction model. Journal of Financial Research, 63(2), 223–237. https://doi.org/10.1111/j.1475-6803.1995.tb00563.x
   Google Scholar
• Naheed, R., Jawad, M., Naz, M., Sarwar, B., & Naheed, R. (2021). Managerial ability and investment decisions: Evidence from Chinese market. Managerial and Decision Economics, 42(4), 985–997. https://doi.org/10.1002/mde.3287
   Web of Science ®Google Scholar
• Nakamura, E., Steinsson, J., Barro, R., & Ursúa, J. (2013). Crises and recoveries in an empirical model of consumption disasters. American Economic Journal, 5(3), 35–74.
   Google Scholar
• Nishat, M., & Saghir, M. (1991). The stock market and Pakistan economy. Savings and Development, 15(2), 131–145. http://www.jstor.org/stable/25830261
   Google Scholar
• Pan, L., & Mishra, V. (2017). Stock market development and economic growth: Empirical. https://doi.org/10.1016/j.econmod.2017.07.005
   Google Scholar
• Pástor, Ľ., & Stambaugh, R. F. (2012). Are stocks really less volatile in the long run? The Journal of Finance, 67(2), 431–477. https://doi.org/10.1111/j.1540-6261.2012.01722.x
   Web of Science ®Google Scholar
• Patton, A. J., & Timmermann, A. (2010). Monotonicity in asset returns: New tests with applications to the term structure, the CAPM, and portfolio sorts. Journal of Financial Economics, 98(3), 605–625. https://doi.org/10.1016/j.jfineco.2010.06.006
   Web of Science ®Google Scholar
• Politis, D. N., & Romano, J. P. (1994). The stationary bootstrap. Journal of the American Statistical Association, 89(428), 1303–1313. https://doi.org/10.1080/01621459.1994.10476870
   Web of Science ®Google Scholar
• Poterba, J. M., & Summers, L. H. (1988). Mean reversion in stock prices: Evidence and implications. Journal of Financial Economics, 22(1), 27–59. https://doi.org/10.1016/0304-405X(88)90021-9
   Web of Science ®Google Scholar
• Poterba, J., Rauh, J., Venti, S., & Wise, D. (2007). Defined contribution plans, defined benefit plans, and the accumulation of retirement wealth. Journal of Public Economics, 91(10), 2062–2086. https://doi.org/10.1016/j.jpubeco.2007.08.004
   PubMed Web of Science ®Google Scholar
• Randal, M., Shleifer, A., & Vishny, R. W. (1990a). Do managerial objectives drive bad acquisitions? Journal of Finance, 45(1, March), 31–48. https://doi.org/10.1111/j.1540-6261.1990.tb05079.x
   Web of Science ®Google Scholar
• Randal, M., Shleifer, A., & Vishny, R. W. (1990b). The stock market and investment: Is the market a sideshow? Brookings Papers on Economic Activity, 2, 157–215.
   Google Scholar
• Rietz, T. A. (1988). The equity premium: A solution. Journal of Monetary Economics, 22(1), 117–131. https://doi.org/10.1016/0304-3932(88)90172-9
   Web of Science ®Google Scholar
• Romer, D. (1993). Credit channel or credit action? An interpretation of the post-war transmission mechanism. In J. Wyoming (Ed.), Changing capital markets: Implication for monetary policy, 1–66. Federal Reserve Bank of Kansas City.
   Google Scholar
• Schwert, G. W. (2003). Anomalies and market efficiency. In G. M. Constantinides, M. Harris, & R. M. Stulz (Eds.), Handbook of the Economics of Finance (pp. 939–974). Elsevier.
   Google Scholar
• Shahbaz, M., Ahmed, N., & Ali, L. (2008). Stock Market Development and Economic Growth: ARDL Causality in Pakistan. International Research Journal of Finance and Economics, 14, 1450–2887.
   Google Scholar
• Shiller, R. J. (2003). Social security and individual accounts as elements of overall risk-sharing. American Economic Review, 93(2), 343–347. https://doi.org/10.1257/000282803321947326
   Web of Science ®Google Scholar
• Shiller, R. J. (2006). Life-cycle personal accounts proposal for social security: An evaluation of President Bush’s proposal. Journal of Policy Modeling, 28(4), 427–444. https://doi.org/10.1016/j.jpolmod.2005.10.010
   Web of Science ®Google Scholar
• Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 96(3), 461–488. https://doi.org/10.1086/261385
   Web of Science ®Google Scholar
• Shleifer, A., & Summers, L. (1988). Breach of trust in hostile takeovers. In A. Auerbach (Ed.), Corporate takeovers: Causes and consequences. Chicago: University of Chicago Pres.
   Google Scholar
• Siegel, J. (2014). Stocks for the long run. McGraw-Hill.
   Google Scholar
• Silber, W. L. (2005). What happened to liquidity when World War I shut the NYSE? Journal of Financial Economics, 78(3), 685–701. https://doi.org/10.1016/j.jfineco.2005.02.005
   Web of Science ®Google Scholar
• Stiglitz, J. E. (1985, May). Credit markets and the control of capital. Journal of Money, Credit, and Banking, 17(2), 133–152. https://doi.org/10.2307/1992329.
   Web of Science ®Google Scholar
• Stiglitz, J. E. (1994). The role of the state in financial markets. In Proceedings of the World Bank Annual Conference on Development Economics 1993, Washington, D.C.: World Bank.
   Google Scholar
• Sullivan, R., Timmermann, A., & White, H. (1999). Data-snooping, technical trading rule performance, and the bootstrap. The Journal of Finance, 54(5), 1647–1691. https://doi.org/10.1111/0022-1082.00163
   Web of Science ®Google Scholar
• Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of Money, Credit, and Banking, 1(1), 15–29. https://doi.org/10.2307/1991374
   Google Scholar
• Vaona, A. (2012a). Inflation and Growth in the Long-Run: A New-Keynesian Theory and Further Semiparametric Evidence. Macroeconomic Dynamics, 16, 94–132.
   Web of Science ®Google Scholar
• Viceira, L. M. (2008). Life-cycle funds. In A. Lusardi (Ed.), Overcoming the saving slump: How to increase the effectiveness of financial education and saving programs (pp. 140–177). Chicago Press.
   Google Scholar