Madsen, Jakob Brøchner; Dzhumashev, Ratbek - In: Applied financial economics 19 (2009) 1/3, pp. 157-174
This article argues that high historical excess returns to equity were the result of a severe ex post bias in the period from 1915 to ca 1960 because inflation surprises during this period drove a wedge between ex ante and ex post returns to bonds. Furthermore, it is shown that ex ante and ex...
