Economics of the Stock Market

Economics of the Stock Market

Smithers, Andrew

Oxford University Press

03/2022

224

Dura

Inglês

9780192847096

15 a 20 dias

480

Descrição não disponível.
Foreword by Andy Haldane
1: Introduction
2: Surprising Features of the Model
3: The Model in Summary
4: Management Behaviour, Investment, Debt, and Pay-out Ratios
5: Corporate Leverage and Household Portfolio Preference
6: The Growth of Corporate Equity
7: The Yield Curve
8: The Risk-Free Short-term Rate of Interest
9: Equity, Bond, and Cash Relative Returns
10: Stock Market Returns Do Not Follow a Random Walk
11: The Risks of Equities at Different Time Horizons
12: The Time Horizon at Which Investors Will Prefer Equities to Bonds
13: Changes in Aggregate Risk Aversion
14: Monetary Policy, Leverage, and Portfolio Preferences
15: Valuing the US Stock Market
16: The Real Return on Equity Capital Worldwide
17: Money and Time Weighted Returns
18: The Behaviour of The Firm
19: Corporate Investment and the Miller-Modigliani Theorem
20: Land, Inventories, and Trade Credit
21: How the Market Returns to Fair Value
22: Fluctuations in the Hurdle Rate
23: Tangibles and Intangibles
24: Other Problems from Labelling IP Expenditure as Investment
25: Inflation, Leverage, Growth, and Financial Stability.
26: Tax
27: Portfolio Preference and Retirement Savings
28: Life Cycle Savings Hypothesis (LCSH)
29: Depreciation, Capital Consumption, and Maintenance
30: Comparison with Other Approaches
31: The Efficient Market Hypothesis
32: Summary
33: Comments in Conclusion
Appendices
Appendix 1. The Duration of Bonds and Equities
Appendix 2. The Valuation of Unquoted Companies in The Financial Accounts of the United States - Z1
Appendix 3. Measurement of the Net Capital Stock and Depreciation in the US
Appendix 4. Data Sources, Use, and Methods of Calculation
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