AER建刊100年: The Top 20 Articles第十六篇（含补充材料）

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

Shiller, RobertJ. 1981."Do Stock Prices Move Too Much to Be Justified by
Subsequent Changes in Dividends?"American Economic Review,71(3): 421-36.
Standardmodelsofassetmarketequilibriumimplythatthevalueofa shareof
corporate stockequalsthepresentdiscountedvalueofthatstock'sexpectedfuture
payouts.Thispaperappliedan ingenioustestofthispresentvaluerelationship,
whichcomparedthevarianceofannualstockpricemovements withthevariance
incorporate dividendpayouts, totheUS equitymarket fortheperiod1870-1979.
Theresultssuggestedthathistorical stockpricevolatilitywasmuchgreaterthan
thevolatilityofdividendpayoutswouldappeartowarrant. Thisempiricalfinding
stimulated a wide
rangeoffollow-onresearchexploringvariousaspectsoftheefficientmarkets hypothesis, testingfortime- varyingdiscountratesincapitalmarkets,
andinvestigating theeconometric properties ofstockmarket returns andcorporate
payouts.  

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏2 回帖

关键词：articles Article artic ART AER

点赞支持 感谢分享