Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks

Hendrik Bessembinder, Te-Feng Chen, Goeun Choi and K. C. John Wei

Financial Analysts Journal, 2023, vol. 79, issue 3, 33-63

Abstract: We study long-run shareholder outcomes for more than 64,000 global common stocks during the January 1990 to December 2020 period. The majority, 55.2% of U.S. stocks and 57.4% of non-U.S. stocks, underperform one-month U.S. Treasury bills in terms of compound returns over the full sample. Focusing on aggregate shareholder outcomes, we find that the top-performing 2.4% of firms account for all of the $US 75.7 trillion in net global stock market wealth creation from 1990 to December 2020. Outside the United States, 1.41% of firms account for the $US 30.7 trillion in net wealth creation.

Date: 2023
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DOI: 10.1080/0015198X.2023.2188870

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