Equity Premia As Low As Three Percent ? Evidence From Analysts' Earnings Forecasts For Domestic And International Stocks  

Oleh:

Thomas, Jacob ; Claus, James

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 56 no. 5 (2001), page 1629-1666.
Topik: equity; studies; securities markets; rates of return; expected returns; statistical analysis
Fulltext: p 1629.pdf (308.79KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The return earned by U. S. equitites since 1926 exceed estimates derived from theory, from other periods and markets, and from surveys of institutional investors. Rather than examine historic experience, we estimate the equity premium from the discount rate that equates market valuations with prevailing expectations of future flows. The accounting flows are project are isomorphic to projected dividends but use more available information and narrow the range of reasonable growth rates. For each year between 1985 and 1998, we find that the equity premium is around three percent (or less) in the united states and five other markets.

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