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How the Wealth Was Won: Factors Shares as Market Fundamentals / Daniel L. Greenwald, Martin Lettau, Sydney C. Ludvigson.
- Format:
- Book
- Author/Creator:
- Greenwald, Daniel L.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w25769.
- NBER working paper series no. w25769
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- How the Wealth Was Won
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2019.
- Summary:
- 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.
- Notes:
- Print version record
- April 2019.
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