STOCK RETURNS AND BOND YIELDS IN DENMARK, 1922-99

Steen Nielsen and Ole Risager
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Steen Nielsen: Department of Economics, Copenhagen Business School, Postal: Department of Economics, Copenhagen Business School, Solbjerg Plads 3 C, 5. sal, DK-2000 Frederiksberg, Denmark
Ole Risager: Department of Economics, Copenhagen Business School, Postal: Department of Economics, Copenhagen Business School, Solbjerg Plads 3 C, 5. sal, DK-2000 Frederiksberg, Denmark

No 03-2001, Working Papers from Copenhagen Business School, Department of Economics

Abstract: This paper presents long time series of stock and bond returns for Denmark

from 1922 to 1999. Average stock returns are low in an international context, but

returns (and volatility) have increased sharply since 1983 which may be explained by

major changes in economic policy and liberalizations of capital flows. On the other

hand, Danish bond yields are high in general, and in particular from the late 1960s to

the mid 1980s. Thus, there are several periods in which bonds have given higher

returns than stocks. Over the entire sample, however, equity clearly outperforms

bonds.

Keywords: Stock market; Bond Yields; Denmark (search for similar items in EconPapers)
JEL-codes: G00 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2001-05-14
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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