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| Tekijä: | Fama, E.F. French, K.R. |
| Otsikko: | The equity premium |
| Lehti: | Journal of Finance
2002 : APR, VOL. 57:2, p. 637-659 |
| Asiasana: | Rate of return Share prices Dividends Earnings Statistical methods Models USA |
| Vapaa asiasana: | Equity premium |
| Kieli: | eng |
| Tiivistelmä: | In the paper, the equity premium is estimated using dividend and earnings growth rates to measure the expected rate of capital gain. Estimates for 1951 to 2000, 2.55% and 4.32%, are much lower than the equity premium produced by the average stock return, 7.43%. Evidence suggests that the high average return for 1951 to 2000 is due to a decline in discount rates that produces a large unexpected capital gain. The average stock return of the last half-century is a lot higher than expected. |
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