div class=ts-pagebutton class=gotoPage data-page=1Page 1button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page1jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=1 data-page=1 class=ts-thumb lazyload alt=Page 1: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails1jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=2Page 2button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page2jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=2 data-page=2 class=ts-thumb lazyload alt=Page 2: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails2jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=3Page 3button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page3jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=3 data-page=3 class=ts-thumb lazyload alt=Page 3: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails3jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=4Page 4button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page4jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=4 data-page=4 class=ts-thumb lazyload alt=Page 4: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails4jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=5Page 5button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page5jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=5 data-page=5 class=ts-thumb lazyload alt=Page 5: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails5jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=6Page 6button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page6jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=6 data-page=6 class=ts-thumb lazyload alt=Page 6: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails6jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=7Page 7button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page7jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=7 data-page=7 class=ts-thumb lazyload alt=Page 7: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails7jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=8Page 8button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page8jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=8 data-page=8 class=ts-thumb lazyload alt=Page 8: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails8jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=9Page 9button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page9jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=9 data-page=9 class=ts-thumb lazyload alt=Page 9: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails9jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=10Page 10button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page10jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=10 data-page=10 class=ts-thumb lazyload alt=Page 10: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails10jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=11Page 11button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page11jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=11 data-page=11 class=ts-thumb lazyload alt=Page 11: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails11jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=12Page 12button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page12jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=12 data-page=12 class=ts-thumb lazyload alt=Page 12: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails12jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=13Page 13button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page13jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=13 data-page=13 class=ts-thumb lazyload alt=Page 13: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails13jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=14Page 14button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page14jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=14 data-page=14 class=ts-thumb lazyload alt=Page 14: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails14jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=15Page 15button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page15jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=15 data-page=15 class=ts-thumb lazyload alt=Page 15: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails15jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=16Page 16button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page16jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=16 data-page=16 class=ts-thumb lazyload alt=Page 16: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails16jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=17Page 17button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page17jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=17 data-page=17 class=ts-thumb lazyload alt=Page 17: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails17jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=18Page 18button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page18jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=18 data-page=18 class=ts-thumb lazyload alt=Page 18: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails18jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=19Page 19button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page19jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=19 data-page=19 class=ts-thumb lazyload alt=Page 19: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails19jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=20Page 20button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page20jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=20 data-page=20 class=ts-thumb lazyload alt=Page 20: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails20jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=21Page 21button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page21jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=21 data-page=21 class=ts-thumb lazyload alt=Page 21: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails21jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=22Page 22button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page22jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=22 data-page=22 class=ts-thumb lazyload alt=Page 22: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails22jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=23Page 23button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page23jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=23 data-page=23 class=ts-thumb lazyload alt=Page 23: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails23jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=24Page 24button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page24jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=24 data-page=24 class=ts-thumb lazyload alt=Page 24: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails24jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=25Page 25button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page25jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=25 data-page=25 class=ts-thumb lazyload alt=Page 25: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails25jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=26Page 26button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page26jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=26 data-page=26 class=ts-thumb lazyload alt=Page 26: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails26jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=27Page 27button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page27jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=27 data-page=27 class=ts-thumb lazyload alt=Page 27: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails27jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=28Page 28button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page28jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=28 data-page=28 class=ts-thumb lazyload alt=Page 28: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails28jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=29Page 29button div class=ts-imagea href=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5page29jpg target=_blank img data-url=demographics-stock-market-flows-and-stock-116-journal-of-financial-and-quantitativehtmlpage=29 data-page=29 class=ts-thumb lazyload alt=Page 29: Demographics Stock Market Flows and Stock Returns · 116 Journal of Financial and Quantitative Analysis the lifecycle theory of savings was pioneered by Modigliani see Modigliani loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader039vdocumentinreader039viewer20220314015c1df24109d3f2ef218c42f8html5thumbnails29jpg width=140 height=200 adivdiv
