Stocks For The Long Run [PDF]

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Stocks for the Long Run _ the Definitive Guide to Financial MarReturns and Long-term Investment Strategies - Siegel, Jeremy J - Novel www.indianpdf.com_ Book PDF Download Online

PDF Title : Stocks For The Long Run
bookEdition : 4th Edition
Total Page : 407 Pages
Author: Jeremy Siegel
PDF Size : 5.1 MB
Language : English
Rights : mheducation.com
PDF Link : Available
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Stocks For The Long Run Book

In 1981, Robert Shiller of Yale University devised a method of determining whether stock investors tended to overreact to changes in dividends and interest rates, the fundamental building blocks of stock values.14 From the examination of historical data, he calculated what the value of the S&P 500 Index should have been given the subsequent realization of dividends and interest rates.

We know what this value is because, as shown in Chapter 7, stock prices are the present discounted value of future cash flows. What he found was that stock prices were far too variable to be explained merely by the subsequent behavior of dividends and interest rates.

Stock prices appeared to overreact to changes in dividends, failing to take into account that most of the changes in dividend payouts were only temporary. For example, investors priced stocks in a recession as if they expected dividends to go much lower, completely contrary to historical experience.

Stocks For The Long Run PDF


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