Cheolbeom Park, "How does Changing Age Distribution Impact Stock Prices? A
Nonparametric Approach", Journal of Applied Econometrics, Vol. 25, No. 
7, 2010, pp. 1155-1178.

The data are in nine files, all of which are ASCII files in DOS format.
They are all zipped in the file cp-data.zip. Unix/Linux users should use
"unzip -a".

1. "annual_age_fr" contains the data for the French age distribution.
Population estimates are provided by 86 single-year age groups(ages 0,
1,..., 84, 85+) from 1950 to 2006. The frequency is annual. It is taken from
Eurostat.  60 age groups (ages 26,...,85+) are used in the paper.

2. "annual_age_gm" contains the data for the German age distribution.
Population estimates are provided by 86 single-year age groups (ages 0,
1,..., 84, 85+) from 1951 to 2006. The frequency is annual. It is taken from
Eurostat.  60 age groups (ages 26,...,85+) are used in the paper.

3. "annual_age_jp" contains the data for the Japanese age distribution.
Population estimates are provided by 80 single-year age groups (ages 0,
1,..., 78, 79+) from 1949 to 2004. The frequency is annual. It is taken from
the Japanese Statistics Bureau. 54 age groups (ages 26,...,79+) are used in
the paper.

4. "annual_age_uk" contains the data for the UK age distribution. Population
estimates are provided by 86 single-year age groups (ages 0, 1,..., 84, 85+)
from 1972 to 2006. The frequency is annual. It is taken from Eurostat. 60
age groups (ages 26,...,85+) are used in the paper.

5. "G4_financial_data" contains the data of the log price-dividend ratios
for France, Germany, Japan and UK. This information is purchased from Global
Financial Data.

6. "US_annual_age" contains the data for the US age distribution. Population
estimates are provided by 76 single-year age groups(ages 0, 1,...,74, 75+)
from 1900 to 2007. The frequency is annual. It is taken from the homepage of
the US Census Bureau. 50 age groups (ages 26,...,75+) are used in the paper.

7. "US_annual_age2" contains the data for the US age distribution.
Population estimates are provided by 86 single-year age groups(ages 0,
1,...,84, 85+) from 1940 to 2007. The frequency is annual. It is taken from
the homepage of the US Census Bureau. 60 age groups (ages 26,...,85+) are
used in the paper.

8. "US_annual_age8" contains the data for the US age distribution.
Population estimates are provided by 101 single-year age groups(ages 0,
1,...,99, 100+) from 1980 to 2007. The frequency is annual. It is taken from
the homepage of the US Census Bureau. 75 age groups (ages 26,...,100+) are
used in the paper.

9. "US_financial_data" contains the data of the log price-dividend ratio,
the log price-earnings ratio, the short-term real interest rate and the
stock return for the S&P Composite index from 1900 to 2007 (or 2006). This
information is obtained from Robert Shiller's homepage. This file also
contains the data of the log price-dividend ratio for the small, medium and 
large-sized portfolios from 1927 to 2007. The raw data were obtained from
Kenenth French's homepage.