| Tekijä: | French, K. R. Poterba, J. M. |
| Otsikko: | Were Japanese stock prices too high? |
| Lehti: | Journal of Financial Economics
1991 : OCT, VOL. 29:2, p.337-363 |
| Asiasana: | STOCK MARKETS PRICES JAPAN PRICE EARNINGS RATIOS SHARE PRICES |
| Kieli: | eng |
| Tiivistelmä: | It is asked, whether market fundamentals can explain the recent run-up and decline of Japanese equity values and price-earnings (P/E) ratios. Accounting differences explain about half of the long-run disparity between USA and Japanese P/Es. Accounting differences cannot, however, explain the doubling of this ratio in 1986, nor its decline in 1990. Similarly, it is impossible to update changes in required stock returns or growth expectations that are large enough to explain recent Japanese stock price movements. |
SCIMA