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The present study investigates the possible existence of a systematic relation between beta and excess-return for portfolios of Turkish equities. In the process, no systematic relation is found between beta and realized portfolio excessreturn, in an unconditional sense. However, the study does...
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This paper discusses the links between economic growth, corporate earnings and stock returns. Cross-country correlation …-growing countries. The problem can be analysed more deeply by analysing stock returns with respect to the growth of earnings per share … reveals that in the long run stock price returns are driven by companies’ earnings, and that the lack of correlation between …
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Our study investigates structural changes in the market P/E ratio and shows how structural changes affect long-term stock market returns. Using the cumulative sum control chart and the Bai-Perron algorithm, we identify multiple structural breakpoints in the market P/E ratio and find that those...
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Piketty's Capital in the Twenty-First Century posits the return r on capital to be larger than the economic growth rate g as a main driver of inequalities. This article points out the circumstances under which the reverse inference holds. We show that increasing inequality promotes increasing...
Persistent link: https://www.econbiz.de/10011625600