Investigating savings preferences in selected countries based on savings-based asset pricing
Subject Areas : Financial Economicsصدیقه علیزاده 1 , محمد نبی شهیکی تاش 2
1 - گروه اقتصاد-دانشکده اقتصاد و مدیریت-دانشگاه سیستان و بلوچستان
2 - دانشیار دانشگاه زاهدان
Keywords: Capital asset pricing model based on savings, expected stock returns, savings rate,
Abstract :
Capital asset pricing models are common methods of asset pricing, and one of these models is the savings-based asset pricing model (SAPM). In this study, the asset pricing model based on savings is estimated using the GMM method for the countries of Iran, Turkey, the United States of America, Germany, Italy, and France from 1995 to 2020. The purpose of this study is to investigate savings preferences in different countries based on the pricing model based on savings in selected countries and also to compare the amount of savings in these countries. The results of the study show that the SAPM model explains the expected return of stocks in all the investigated countries and is meaningful. Also, with the help of the model, it was concluded that between Iran and Turkey, the savings rate in Iran is higher than in Turkey, and among the countries of America, Germany, Italy, and France, the highest savings rate is related to Germany and the lowest rate is related to America. According to the estimates of this study, compared to other countries studied in the considered period, Iran shows higher savings preferences and the United States of America shows lower savings preferences.
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