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Book Cover
Author Kramer, Charles Frederick.

Title Stock-market equilibrium and the dividend yield / prepared by Charles Kramer
Published [Washington, D.C.] : International Monetary Fund, Western Hemisphere Dept., [1996]
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Description 1 online resource (iii, 16 pages) : illustrations
Series IMF working paper ; WP/96/90
IMF working paper ; WP/96/90
Summary Annotation 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
Bibliography Includes bibliographical references (pages 15-16)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Dividends -- United States -- Econometric models.
Earnings per share -- United States -- Econometric models.
Mutual funds -- United States -- Econometric models.
Stocks -- Prices -- United States -- Econometric models.
Form Electronic book
Author International Monetary Fund. Western Hemisphere Department.
ISBN 1455230227