Title: Long Run Stock Returns: Evidence from Belgium 1838-2008
Abstract:We investigate monthly returns of Belgian stocks listed on the Brussels Stock Exchange in the period 1838-2008. Our sample covers all stocks in the market over the entire period. While the equity prem...We investigate monthly returns of Belgian stocks listed on the Brussels Stock Exchange in the period 1838-2008. Our sample covers all stocks in the market over the entire period. While the equity premium is positive, the reward for equity risk is very volatile over time. Even in the long run equity investors frequently earned a negative return. Stock returns strongly depend on dividend income: real capital appreciation tends to be negative. There are no consistent differences between returns on small stocks and large stocks. We find some evidence that the equity premium is positively related to realized inflation.Read More
Publication Year: 2010
Publication Date: 2010-01-01
Language: en
Type: article
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Cited By Count: 1
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