THE MARKET RISK PREMIUM AND LONG-TERM STOCK RETURNS

被引：3
|
作者：
REICHENSTEIN, W
RICH, SP
机构：
来源：
JOURNAL OF PORTFOLIO MANAGEMENT | 1993年 / 19卷 / 04期
关键词：
D O I：
10.3905/jpm.1993.409461
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Recent studies conclude that the stock market's dividend yield and earnings/price ratio can predict long-horizon stock returns. The authors advocate a model of the market risk premium as a more consistent predictor of future S&P returns than either dividend yield or earnings/price ratio. They conclude that the market risk premium predicts long-horizon stock returns best because it mirrors movement in the unobservable market risk premium.
引用
收藏
页码：63 / 72
页数：10
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