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150128 ||| eng |
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|a 9781451951981
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| 100 |
1 |
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|a Kramer, Charles
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| 245 |
0 |
0 |
|a Stock-Market Equilibrium and the Dividend Yield
|c Charles Kramer
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1996
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| 300 |
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|a 24 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Interest rates
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| 653 |
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|a Inflation
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| 653 |
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|a Institutional Investors
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| 653 |
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|a Stock exchanges
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| 653 |
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|a Stocks
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| 653 |
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|a Pension Funds
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| 653 |
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|a Finance
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| 653 |
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|a Financial institutions
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| 653 |
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|a Financial services
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| 653 |
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|a Financial Instruments
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| 653 |
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|a Deflation
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Treasury bills and bonds
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| 653 |
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|a Yield curve
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| 653 |
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|a Asset prices
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| 653 |
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|a Price Level
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| 653 |
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|a Non-bank Financial Institutions
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| 653 |
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|a Financial markets
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| 653 |
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|a Stock markets
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| 653 |
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|a Investments: Stocks
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Investments: General
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Investment & securities
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| 653 |
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|a Finance: General
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| 653 |
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|a Government securities
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781451951981.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/1996/090/001.1996.issue-090-en.xml?cid=1921-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a Can fundamentals account for the recent performance of the U.S. stock market? The price/earnings ratio is out of line with historical averages, and the dividend/price ratio has recently reached a historic low. These developments and record levels of inflows into mutual funds have led some to conclude that stock prices are above their fundamental levels. This paper assesses the recent rise in the stock market using a model for the equilibrium dividend/price ratio. While economic variables can account for most of the recent fall in the dividend/price ratio, mutual-fund inflows still have some marginal explanatory power
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