The spirit of capitalism and stock-market prices

被引：39

作者：

Bakshi, GS

Chen, ZW

机构：

[1] OHIO STATE UNIV,FISHER COLL BUSINESS,COLUMBUS,OH 43210

[2] UNIV MARYLAND,COLLEGE PK,MD 20742

来源：

AMERICAN ECONOMIC REVIEW | 1996年 / 86卷 / 01期

关键词：

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In existing theory wealth is no more valuable than its implied consumption rewards, In reality investors acquire wealth not just for its implied consumption, but for the resulting social status. Max M. Weber refers to this desire for wealth as the spirit of capitalism. We examine, both analytically and empirically, implications of Weber's hypothesis for consumption, savings, and stock prices, When investors care about relative social status, propensity to consume and risk-taking behavior will depend on social standards, and stock prices will be volatile. The spirit of capitalism seems to be a driving force behind stock-market volatility and economic growth.

引用

页码：133 / 157

页数：25

共 45 条

[1]

ABEL AB, 1990, AM ECON REV, V80, P38

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