Purpose: This study aims to examine the relation between population composition and financial market variables in post-war Japan. Design/methodology/approach: Cointegration and Granger causality tests are applied to annual data for the period 1948-2015. Findings: Accounting for nonstationarity,...

The paper considers the problem of computing p-values of non-standard distributions for which the characteristic function is available in closed form. When the characteristic function is a multivalued complex function, the standard numerical inversion method needs to be used with care as the...