What are the factors behind current high stock market valuations?

Arthur Stalla-Bourdillon and Nicolas Chatelais

Post-Print from HAL

Abstract: Despite the corrections at the end of 2018 and the Covid-19 shock, price-earnings ratios remain at high levels, particularly in the United States. However, based on indices adjusted for expected growth and the level of interest rates, this trend does not appear to be the result of irrational exuberance like in previous speculative episodes.

Keywords: Relative Return Indicator; risk tolerance; Risk-free rate; markets (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

Published in Bloc-Notes Éco, 2020, 189

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03329789

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