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The equity risk premium : the long-run future of the stock market
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The equity risk premium : the long-run future of the stock market

Author: Bradford Cornell
Publisher: New York : Wiley, ©1999.
Series: Wiley frontiers in finance.
Edition/Format:   Book : EnglishView all editions and formats
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Additional Physical Format: Online version:
Cornell, Bradford.
Equity risk premium.
New York : Wiley, c1999
(OCoLC)652298934
Document Type: Book
All Authors / Contributors: Bradford Cornell
ISBN: 0471327352 9780471327356
OCLC Number: 40433201
Description: x, 227 p. : ill. ; 24 cm.
Contents: Measuring and Assessing Stock-Market Performance --
An Introduction to Stock-Market History --
Stock-Market Indexes --
Using Investor Returns to Assess Stock-Market Performance --
An Overview of Market Performance: Annual Holding-Period Returns --
The Equity Risk Premium --
Definition --
Importance --
Using the Historical Data to Estimate Future Stock-Market Performance --
Uses of the Equity Risk Premium --
Inflation and Asset Returns --
Stock Returns and the Risk Premium: Looking Forward --
Evaluating the Historical Record --
Computing the Average Premium: Arithmetic versus Geometric --
How Accurately Can the Historical Risk Premium Be Measured? --
Nonstationarity and Historical Estimates of the Equity Risk Premium --
Attempts to Model Changes in the Risk Premium --
Models Based on the Variability of Returns --
Models Based on Dividend and Earnings Yield --
Does Nonstationarity Really Matter for Estimating the Long-Run Risk Premium? --
The Impact of Permanent Changes in the Risk Premium on Stock Prices --
The Bottom Line on Nonstationarity --
Survival Bias --
The Impact --
The Bottom Line --
Stock and Bond Returns --
Over the Long Horizon --
The Impact of Inflation --
A Final Assessment of the Historical Record --
Monthly Data for Stocks, Bonds, Bills, and Inflation --
Forward-Looking Estimates of the Equity Risk Premium --
The Discounted Cash Flow Model --
Forms of the Model --
Constant-Growth Form --
Multistage Form --
Comparison of the Discounted Cash Flow and Historical Estimates of the Risk Premium.
Series Title: Wiley frontiers in finance.
Responsibility: Bradford Cornell.

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