The goal of this article is an estimate of the objective forward-looking US equity risk premium
relative to bonds through history—specifically, since 1802. For correct evaluation, such a …

Abstract The Dow Jones Industrial Average, like most indexes, is a capital index. It excluded
dividends. The DJIA was initiated in 1896 at 40.94 and reached 9,181.43 by the end of …

Thomas Piketty's Capital in the Twenty-First Century rocketed to the top of the best-seller
lists the moment it was published in 2013, and remained there for months. While this feat is …

Because of mean reversion, the Shiller cyclically adjusted price/earnings (P/E) ratio is a
powerful predictor of long-horizon capital market returns. Like other valuation metrics …

This paper examines the influence of bull and bear markets on the stability of alpha and beta
for the single index market model. The data for the study is collected for the period March 01 …

Empirical evidence concerning real returns for stocks and bonds is provided in order to
consider their impact on spending rules for large portfolios. The analysis of the data supports …

In 2001, Martin Leibowitz organized an Equity Risk Premium (ERP) Forum for CFA Institute,
in which the participants discussed issues related to the ERP and made estimates for the …

The author looks into the issue of income distribution in a trust context. He highlights the
recent trend away from distribution rules based on accounting income (interest and …

A decade has passed since the global financial crisis. The securitization market gradually
recovered not only in the US, but globally. The securitization market is becoming more …