Stock-Market Equilibrium and the Dividend Yield:
Can fundamentals account for the recent performance of the U.S. stock market? The price/earnings ratio is out of line with historical averages, and the dividend/price ratio has recently reached a historic low. These developments and record levels of inflows into mutual funds have led some to conclud...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
1996
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Schriftenreihe: | IMF Working Papers
Working Paper No. 96/90 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | Can fundamentals account for the recent performance of the U.S. stock market? The price/earnings ratio is out of line with historical averages, and the dividend/price ratio has recently reached a historic low. These developments and record levels of inflows into mutual funds have led some to conclude that stock prices are above their fundamental levels. This paper assesses the recent rise in the stock market using a model for the equilibrium dividend/price ratio. While economic variables can account for most of the recent fall in the dividend/price ratio, mutual-fund inflows still have some marginal explanatory power |
Beschreibung: | 1 Online-Ressource (24 p) |
ISBN: | 1451951981 9781451951981 |
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spelling | Kramer, Charles Frederick Verfasser aut Stock-Market Equilibrium and the Dividend Yield Kramer, Charles Frederick Washington, D.C International Monetary Fund 1996 1 Online-Ressource (24 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 96/90 Can fundamentals account for the recent performance of the U.S. stock market? The price/earnings ratio is out of line with historical averages, and the dividend/price ratio has recently reached a historic low. These developments and record levels of inflows into mutual funds have led some to conclude that stock prices are above their fundamental levels. This paper assesses the recent rise in the stock market using a model for the equilibrium dividend/price ratio. While economic variables can account for most of the recent fall in the dividend/price ratio, mutual-fund inflows still have some marginal explanatory power Online-Ausg http://elibrary.imf.org/view/IMF001/06517-9781451951981/06517-9781451951981/06517-9781451951981.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Kramer, Charles Frederick Stock-Market Equilibrium and the Dividend Yield |
title | Stock-Market Equilibrium and the Dividend Yield |
title_auth | Stock-Market Equilibrium and the Dividend Yield |
title_exact_search | Stock-Market Equilibrium and the Dividend Yield |
title_exact_search_txtP | Stock-Market Equilibrium and the Dividend Yield |
title_full | Stock-Market Equilibrium and the Dividend Yield Kramer, Charles Frederick |
title_fullStr | Stock-Market Equilibrium and the Dividend Yield Kramer, Charles Frederick |
title_full_unstemmed | Stock-Market Equilibrium and the Dividend Yield Kramer, Charles Frederick |
title_short | Stock-Market Equilibrium and the Dividend Yield |
title_sort | stock market equilibrium and the dividend yield |
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