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| Author: | Claus, J. Thomas, J. |
| Title: | Equity premia as low as three percent? Evidence from analysts' earnings forecasts for domestic and international stock markets |
| Journal: | Journal of Finance
2001 : OCT, VOL. 56:5, p. 1629-1666 |
| Index terms: | EARNINGS RETURN ON INVESTMENT STOCK MARKETS |
| Freeterms: | EQUITY PREMIUM |
| Language: | eng |
| Abstract: | The returns earned by U.S. equities since 1926 exceed estimates derived from theory, from other periods and markets, and from surveys of institutional investors. Rather than examine historic experience, the authors estimate the equity premium from the discount rate that equates market valuations with prevailing expectations of future flows. |
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