Baek, Chung; Lee, Ingyu - In: Journal of business economics and management 19 (2018) 1, pp. 110-123
Our study investigates structural changes in the market P/E ratio and shows how structural changes affect long … breakpoints in the market P/E ratio and find that those structural changes are significantly perceived over the long run. Unlike … market P/E ratio play an important role in explaining long-term stock returns. We propose that structural changes should be …