| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25769 |
| 来源ID | Working Paper 25769 |
| How the Wealth Was Won: Factors Shares as Market Fundamentals | |
| Daniel L. Greenwald; Martin Lettau; Sydney C. Ludvigson | |
| 发表日期 | 2019-04-22 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Why do stocks rise and fall? From 1989 to 2017, the real per-capita value of corporate equity increased at a 7.5% annual rate. We estimate that 44% of this increase was attributable to a reallocation of rewards to shareholders in a decelerating economy, primarily at the expense of labor compensation. Economic growth accounted for just 25%, of the increase followed by a lower risk price (18%), and lower interest rates (14%). The period 1952 to 1988 experienced less than one third of the growth in market equity, but economic growth accounted for more than 100% of it. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w25769 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583443 |
| 推荐引用方式 GB/T 7714 | Daniel L. Greenwald,Martin Lettau,Sydney C. Ludvigson. How the Wealth Was Won: Factors Shares as Market Fundamentals. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25769.pdf（1316KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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