Rollover to Zoom 

Description

The average change in shares of equity is negatively correlated with estimates of the equity premium calculated using the dividend-ratio model of Campbell and Shiller, as well as with a variant of the model written in terms of the earnings-price ratio. This correlation is consistent with corporations issuing equity when it is a relatively inexpensive source of finance and repurchasing equity when it is a relatively good investment. However, when the retirement of shares resulting from mergers are included, the average change in shares is no longer significantly correlated with the equity premium.
  • ISBN13: 9781288718405
  • Publisher: Bibliogov
  • Pubilcation Year: 2013
  • Format: Paperback
  • Pages: 00050
Specifications
FormatPaperback
Publication DateFebruary 6, 2013
Primary CategoryPolitical Science/General
Publisher ImprintBibliogov

Finance and Economics Discussion Series:The Aggregate Change in Shares and the Level of Stock Prices

Write a Review
This item is unavailable right now.Telling you that an item is out of stock is basically the last thing we wanted to do. We're sorry.Sad Face