The equity premium

EF Fama, KR French - The Journal of Finance, 2002 - Wiley Online Library
We estimate the equity premium using dividend and earnings growth rates to measure the
expected rate of capital gain. Our estimates for 1951 to 2000, 2.55 percent and 4.32 percent …

The market valuation of environmental capital expenditures by pulp and paper companies

PM Clarkson, Y Li, GD Richardson - The accounting review, 2004 - publications.aaahq.org
The objective of this study is to examine the market valuation of environmental capital
expenditure investment related to pollution abatement in the pulp and paper industry. The …

Impact of financial leverage on profitability of listed manufacturing firms in China

I Dalci - Pacific Accounting Review, 2018 - emerald.com
Purpose The purpose of the study is to explore how financial leverage influences profitability
of 1,503 listed manufacturing firms in China. Design/methodology/approach The sample of …

The declining equity premium: What role does macroeconomic risk play?

M Lettau, SC Ludvigson… - The Review of Financial …, 2008 - academic.oup.com
Aggregate stock prices, relative to virtually any indicator of fundamental value, soared to
unprecedented levels in the 1990s. Even today, after the market declines since 2000, they …

The level and persistence of growth rates

LKC Chan, J Karceski, J Lakonishok - The Journal of Finance, 2003 - Wiley Online Library
Expectations about long‐term earnings growth are crucial to valuation models and cost of
capital estimates. We analyze historical long‐term growth rates across a broad cross section …

Views of financial economists on the equity premium and on professional controversies

I Welch - The Journal of Business, 2000 - JSTOR
The consensus of 226 academic financial economists forecasts an arithmetic equity
premium of 7% per year over 10‐and 30‐year horizons and of 6%–7% over 1‐and 5‐year …

[BOOK][B] Valuation of companies in emerging markets: A practical approach

LE Pereiro - 2002 - books.google.com
A comprehensive guide focusing on the valuation issues for emerging markets Valuation of
Companies in Emerging Economies takes a practical, step-by-step approach to valuing both …

The declining US equity premium

This study demonstrates that the US equity premium has declined significantly during the
last three decades. The study calculates the equity premium using a variation of a formula in …

Economic growth and equity returns

JR Ritter - Pacific-Basin Finance Journal, 2005 - Elsevier
It is widely believed that economic growth is good for stockholders. However, the cross-
country correlation of real stock returns and per capita GDP growth over 1900–2002 is …

Long-run stock returns: Participating in the real economy

RG Ibbotson, P Chen - Financial Analysts Journal, 2003 - Taylor & Francis
In the study reported here, we estimated the forward-looking long-term equity risk premium
by extrapolating the way it has participated in the real economy. We decomposed the 1926 …