BISCIARI, Patrick; DURRE, Alain; NYSSENS, Alain - EconWPA - 2003
equity markets. The 42.4 p.c. fall in the S&P 500 price index between 24 March 2000 - when it reached its all-time high - and …, we make use of valuation indicators defined as the ratio of the price to a fundamental. The fundamentals considered here …, price-earnings (P/E) still showed a significant overvaluation of equity prices when compared to the historical average over …