The Equity Risk Premium: Essays and Explorations

ISBN-13: 9780195148145 / Angielski / Twarda / 2006 / 576 str.

William N. Goetzmann; Roger G. Ibbotson

Opis

What is the return to investing in the stock market? Can we predict future stock market returns? How have equities performed over the last two centuries? The authors in this volume are among the leading researchers in the study of these questions. This book draws upon their research on the stock market over the past two dozen years. It contains their major research articles on the equity risk premium and new contributions on measuring, forecasting, and timing stock market returns, together with new interpretive essays that explore critical issues and new research on the topic of stock market investing.

This book is aimed at all readers interested in understanding the empirical basis for the equity risk premium. Through the analysis and interpretation of two scholars whose research contributions have been key factors in the modern debate over stock market perfomance, this volume engages the reader in many of the key issues of importance to investors. How large is the premium? Is history a reliable guide to predict future equity returns? Does the equity and cash flows of the market? Are global equity markets different from those in the United States? Do emerging markets offer higher or lower equity risk premia? The authors use the historical performance of the world's stock markets to address these issues.

Recenzje

William Goetzmann and Roger Ibbotson have produced a searching and comprehensive analysis of how history reveals the forces that shape risk and return in the stock market. But HURRAH! their work is also eminently readable. All investors, economic historians, and financial academics should read this book—and hurry up about it.

O autorze

Robert Ibbotson is a member of the Yale School of Finance Faculty since 1986. He is Chairman and Founder of Ibbotson Assocaites in Chicago and New York, which provides consulting services, software, data and financial publishing for financial institutions and investment advisors. Professor Ibbotson is the author of numerous books and articles, including the annual Stocks, Bonds, Bills and Inflation Yearbook. Will Goetzmann is the Edwin J. Beinecke Professor of Finance and Management Studies at the Yale School of Management and a Research Associate of the National Bureau of Economic Research. He currently serves as the Director of the International Center for Finance at Yale—an interdisciplinary research organization focused on sponsoring and disseminating academic research in Finance.