A Study of Stock Prices and Bond Yields PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download A Study of Stock Prices and Bond Yields PDF full book. Access full book title A Study of Stock Prices and Bond Yields by Edward M. Sevadjian. Download full books in PDF and EPUB format.
Author: Edward M. Sevadjian
Publisher:
ISBN:
Category :
Languages : en
Pages : 104
Get Book Here
Book Description
Author: Edward M. Sevadjian
Publisher:
ISBN:
Category :
Languages : en
Pages : 104
Get Book Here
Book Description
Author: Robert J. Shiller
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 52
Get Book Here
Book Description
Real stock prices seem to overreact to changes in long-term interest rates. That is, real stock prices drop when long-term interest rates rise (and rise when they fall) more than would be implied by a rational expectations present value model where expectations are based on a vector autoregression. This overreaction is not associated with any overreaction to changes in the short-run inflation rate. Over the last century real stock prices have shown little reaction to changes in inflation rates, and according to the model they should show little reaction. These conclusions were reached from an analysis of annual data in the united states 1871 to 1989 and the united Kingdom 1918 to 1989.
Author: Frederick R. MACAULAY
Publisher:
ISBN:
Category :
Languages : en
Pages : 351
Get Book Here
Book Description
Author: Frederick Robertson Macaulay
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 664
Get Book Here
Book Description
A seminal work that contains the seeds of many of the pricing and risk management tools used in interest-rate markets today - Alan White, Professor of Finance, University of Toronto
Author: Robert J. Shiller
Publisher:
ISBN:
Category :
Languages : es
Pages : 32
Get Book Here
Book Description
Author: Frederick R. Macauley
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Frederick Robertson Macaulay
Publisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 638
Get Book Here
Book Description
Author: Andrea E. Beltratti
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Real stock prices seem to overreact to changes in long-term interest rates. That is, real stock prices drop when long-term interest rates rise (and rise when they fall) more than would be implied by a rational expectations present value model where expectations are based on a vector autoregression. This overreaction is not associated with any overreaction to changes in the short-run inflation rate. Over the last century real stock prices have shown little reaction to changes in inflation rates, and according to the model they should show little reaction. These conclusions were reached from an analysis of annual data in the united states 1871 to 1989 and the united Kingdom 1918 to 1989.
Author: N. Gregory Mankiw
Publisher:
ISBN:
Category : Dividends
Languages : en
Pages : 36
Get Book Here
Book Description
This paper proposes an alternative to the traditional model for explaining the spread between taxable and tax-exempt bond yields. This alternative model is a special case of a general class of clientele models of portfolio choice and asset market equilibrium. In particular, we consider a setting with two types of investors, a taxable investor and a tax-exempt investor, who hold specialized bond portfolios. The tax-exempt investor holds only taxable bonds, and the taxable investor holds only tax-exempt bonds. Both investors hold equity, and the taxable and tax-exempt bond markets are linked through the equilibrium conditions governing equity holding and bond holding for each type of investor. In contrast to the traditional model, this alternative model has the potential to explain the small observed spread between taxable and tax-exempt yields. In addition, this model predicts that the yield spread between taxable and tax-exempt bonds should be an increasing function of the dividend yield on corporate stocks. Although the substantial changes in the tax code during the last four decades complicate the testing of this model, we find some support for the predicted relationship between the equity dividend yield and the yield spread between taxable and tax-exempt bonds.
Author: O. Glenn Goodhand
Publisher:
ISBN:
Category :
Languages : en
Pages : 22
Get Book Here
Book Description
