This manuscript reviews the evolving literature on the pricing of assets and the structure of financial markets. It begins with the development of early stock valuation models and proceeds to a description of the efficient-market hypothesis. The survey then examines recent empirical data that...

This paper explores the role of uncertain price level movements in determining the opportunity cost of holding both fiat and commodity moneys. It is shown that a monetary medium whose opportunity cost fluctuates countercyclically to real asset values lowers interest rates for bonds denominated...

This research examines a detailed time series of future aggregate profit forecasts. It seeks to determine whether the path of equity prices in the twelve month period surrounding the October 1987 crash could be justified by changes in the fundamental determinants of stock prices, i.e., the...

This study reformulates the National Income Accounts definitions of the government deficit and surplus and gross private saving. These new definitions are based on employing the change in the real value of government debt, due to price and interest rate changes, as a measure of the real deficit...

This paper explores the role of uncertain price level movements in determining the opportunity cost of holding both fiat and commodity moneys. It is shown that a monetary medium whose opportunity cost fluctuates countercyclically to real asset values lowers interest rates for bonds denominated...

Stock and bond returns since 1802 -- Risk, return, and portfolio allocation : why stocks are less risky than bonds in the long-run -- Stock indexes: proxies for the market -- The S&P 500 index: a half-century of U.S. corporate history -- The impact of taxes on stock and bond returns : stocks...

"One of the ten best investment books of all time." --The Washington PostThe stock-investing classic--updated to help you win consistently in the chaotic, post-meltdown global economyNow in its fifth edition, Stocks for the Long Run includes Jeremy Siegel's highly anticipated analysis of the...