Business, Management and Accounting
8 years ago

New interpretation challenges stock market predictions, reshaping economic history.

SSRN Electronic Journal
Dividend-Price Ratios and Stock Returns: Another Look at the History
Bradford Cornell

Paper Summary

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The article examines how dividend-price ratios can predict stock returns over time. The researchers found that while future returns are related to these ratios, future dividend growth is not. This suggests that expected stock returns remain constant based on the economic history of the United States. By analyzing historical events, the study offers a new perspective on interpreting financial data.