Capital Structure, Seniority, and Risk Premia: Evidence from the London Stock Exchange, 1870–1929
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https://www.nber.org/papers/w34899
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资源简介：
We use security-level data from the Investors Monthly Manual (IMM) to construct capital-weighted return indexes for the London Stock Exchange over the period 18701929. We find a significant and persistent equity risk premium of 3.7% over commercial paper and 4.5% over long-term government bonds,
提供机构：
美国国家经济研究局
创建时间：
2026-03-01
