A number of influential studies have documented a strong value premium for US stocks over the period 1963 to 1990 (Fama and French (1992), Lakonishok et al. (1994)). Stocks with low price-earnings multiples, price-book values and other measures of value are reported to have given a higher mean...

Price-earnings ratios are part of the toolkit that is used for assessing the valuation of individual firms on the stock market as well as the entire market itself. This paper presents consistent P/E series for the liquid Danish shares adjusted for share buybacks. The results show that over the...

1. Brief Introduction. The two companies D/S Svendborg and D/S 1912 have for almost a century been the parent companies of the A.P. Møller Group. These companies were founded by Mr. Arnold Peter Møller and his father Captain Peter Mærsk Møller. They were in the beginning entirely into...

Med afsæt i et historisk lavt dividende-pris (D-P) forhold har Tom Engsted & Carsten <p> Tanggaard prædikteret, at det danske aktiemarked vil falde med 50 % i.f.t niveauet i 1996, <p> idet en tilbagevenden af D-P ratioen til det historiske gennemsnit hævdes primært at komme i <p> stand via...</p></p></p>

This paper presents long time series of stock and bond returns for Denmark <p> from 1922 to 1999. Average stock returns are low in an international context, but <p> returns (and volatility) have increased sharply since 1983 which may be explained by <p> major changes in economic policy and...</p></p></p>

Dette papir beskriver afkast og risici ved investering i det danske aktiemarked over <p> en lang historisk periode. Det er almindeligt kendt, at aktier giver et højt gennemsnitligt afkast <p> sammenlignet med obligationer mod til gengæld at være mere risikable på kort sigt. Derimod er <p> det mere...</p></p></p>

Over the last 25 years the Danish economy has had difficulties in growing as fast as other EU countries and the United States. While the average growth difference is small, it signals that if this trend persists into the next century, Denmark will not be able to maintain its high position in the...

This paper analyzes the consequences of pursuing a less activist Government <p> employment stabilization policy strategy in Egypt. On the basis of a fairly stylized model we <p> find that a reduction of the Government’s involvement in the economy along with an <p> introduction of mild but binding...</p></p></p>

Abstract: This paper contributes to the growing literature on mean reversion in stock markets by examining a newly constructed Danish data set for the period 1922-95. Variance ratio tests clearly reject the random walk hypothesis at the 2-year horizon, that is, the riskiness of a 2- year...

This short paper studies the empirical relationship between realized stock returns and bond <p> yields at the 5- and 10-year investment horizons, respectively. Using annual Danish data since <p> 1927, we find that stock returns and bond yields are closely linked in the medium and long <p> term, as we...</p></p></p>