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La rentabilité réelle des actifs boursiers de 1950 à 1992

Author

Listed:
  • P. Arbulu
  • Georges Gallais-Hamonno

    (IOF - Institut Orléanais de Finance - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

Abstract

[eng] The Actual Return on Stock Market Investments from 1950 to 1992 . The actual return on equity investments over the forty-three year period from 1950 to 1992 is evaluated by transforming the stock market indices into portfolios. The study presented here uses a new methodology for bond portfolios and is based on the strong hypothesis of reinvested annual income. Two results confirm the findings of previous studies: gold has provided a mediocre return while shares have again proved to be the highest performing investment over a long period of time. However, for the first time since 1914, bond investments have maintained the purchasing power of the savings invested. . Listed securities therefore emerge as profitable although the earnings on them are erratic, or risky, due to sometimes severe stock market fluctuations. There is no alternative to this risk-return link. The only strategy is patience. The longer the investment is held, the more price volatility is smoothed and moves towards the lowest fluctuation rate, which nevertheless remains high at 15% for shares and 4% for bonds. [fre] La rentabilité réelle des actifs boursiers de 1950 à 1992 . La rentabilité réelle des placements entre 1 950 et 1 992, soit sur une période longue de quarante-trois ans, est évaluée en transformant les indices boursiers en portefeuilles. Les travaux présentés ici, basés sur une méthodologie nouvelle pour le portefeuille obligataire, sont réalisés sous l'hypothèse forte du réinvestissement du revenu annuel. Deux résultats confirment ceux des études antérieures : l'or a eu une rentabilité médiocre, alors que les actions s'avèrent, une fois de plus, le placement le plus performant sur le long terme. Par contre, pour la première fois depuis 1914, le placement obligataire a préservé le pouvoir d'achat de l'épargne investie. . Ainsi, d'une part, les actifs cotés se révèlent rémunérateurs, d'autre part, leurs résultats sont aléatoires ou risqués car les fluctuations boursières sont parfo
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Suggested Citation

  • P. Arbulu & Georges Gallais-Hamonno, 1995. "La rentabilité réelle des actifs boursiers de 1950 à 1992," Post-Print halshs-00276867, HAL.
    • Handle: RePEc:hal:journl:halshs-00276867
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    References listed on IDEAS

    as
    1. J. Berthon & Georges Gallais-Hamonno, 1994. "Les options négociables," Post-Print halshs-00276801, HAL.
    2. Georges Gallais-Hamonno, 1995. "Sicav et fonds communs de placements, les OPCVM en France," Post-Print halshs-00276794, HAL.
    3. Robert Fabre, 1981. "Les placements en obligations, en actions et en or," Économie et Statistique, Programme National Persée, vol. 133(1), pages 45-55.
    4. Pierre Laforest, 1969. "Le pouvoir d'achat des actions, des obligations et de l'or," Économie et Statistique, Programme National Persée, vol. 3(1), pages 3-11.
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    Cited by:

    1. Thi Hong Van Hoang, 2012. "Has gold been a hedge against inflation in France from 1949 to 2011? Empirical evidence of the French specificity," Working Papers 12-05, Association Française de Cliométrie (AFC).

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