This paper assesses the contemporaneous relationship between stock prices, earnings and
long‐term government bond yields for a large number of countries. The time period of our …

The negative relationship between stock market P/E ratios and government bond yields
seems to have become conventional wisdom among practitioners. However, limited …

The negative relationship between market P/E ratios and government bond yields seems to
have become conventional wisdom among practitioners. Both (limited) empirical evidence …

This paper takes a new look at the market-timing ability of the bond–equity yield ratio
(BEYR). We compare the short-term profitability of a naive strategy based on the extreme …

Since the 1990s run up in stock prices and the subsequent crashes, the financial community
has taken a dim view of the traditional valuation ratios and has instead turned its attention to …

DISCUSSION OF EARNINGS, STOCK PRICES AND BOND YIELDS 643 model to determine
the equilibrium level of the equity market. Effectively,(2) implies that whenever Et e/Pt< Rt (Et …

This article investigates the market timing ability of the bond–equity yield ratio (BEYR) from
an international investor perspective. Consolidating data on emerging markets, we …

Scientists and practitioners have for decades attempted to find methods to forecast
movements in the capital markets, thereby trying to find a way to outperform the market. The …