Investor expectations and fundamentals: disappointment ahead?

John Carlson () and Eduard A. Pelz

Economic Commentary, 2000, issue May

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.

Keywords: Stock; -; Prices (search for similar items in EconPapers)
Date: 2000
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