Four Centuries of Return Predictability
收藏NBER2015-01-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w20814
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资源简介：
We combine annual stock market data for the most important equity markets of the last four centuries: the Netherlands/U.K. (1629-1812), U.K. (1813-1870) and U.S. (1871-2015). We show that dividend yields are stationary and consistently forecast returns. The documented predictability holds for annual
提供机构：
美国国家经济研究局
创建时间：
2015-01-01
