Does Stock Market Performance Influence Retirement Intentions?
利用1998-2008年健康与退休研究面板数据，发现股市回报与退休意愿弱负相关，但该关系并非由股市波动带来的财富冲击驱动，而是由其他共同因素导致。
Media reports predicted that the stock market decline in October 2008 would cause changes in retirement intentions, due to declines in retirement assets. We use panel data from the Health and Retirement Study to investigate the relationship between stock market performance and retirement intentions during 1998–2008, a period that includes the recent crisis. While we find a weak negative correlation between stock returns and retirement intentions, further investigation suggests that this relationship is not driven by wealth shocks brought about by stock market fluctuations, but by other factors that are correlated with both the stock market and retirement intentions.