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Investor expectations and fundamentals: disappointment ahead?

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Author Info
John B. Carlson
Eduard A. Pelz

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Abstract

The average annual return of the S&P 500 since 1994 has exceeded 25 percent. Confidence is high and investors are looking forward to continued above-average returns. The authors of this Economic Commentary attempt to reconcile investors' expectations with a decline in the equity premium, using a standard approach to stock-price valuation.

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File URL: http://www.clevelandfed.org/research/commentary/2000/0501.htm
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Publisher Info
Article provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.

Volume (Year): (2000)
Issue (Month): May 1 ()
Pages:
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Handle: RePEc:fip:fedcec:y:2000:i:may1

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Related research
Keywords: Stock - Prices;

Cited by:
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  1. John B. Carlson & Eduard A. Pelz & Mark Wohar, 2001. "Will the valuation ratios revert to their historical means? Some evidence from breakpoint tests," Working Paper 0113, Federal Reserve Bank of Cleveland. [Downloadable!]
  2. Nathan S. Balke & Mark E. Wohar, 2001. "Explaining stock price movements: is there a case for fundamentals?," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q III, pages 22-34. [Downloadable!]
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This page was last updated on 2009-12-31.

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