PRZEDMIOTEM OFERTY JEST KOD DOSTĘPOWY DO KSIĄŻKI ELEKTRONICZNEJ (EBOOK)

KSIĄŻKA JEST DOSTĘPNA NA ZEWNĘTRZNEJ PLATFORMIE. KSIĄŻKA NIE JEST W POSTACI PLIKU.

Investors have too often extrapolated from recent experience. In the 1950s, who but the most rampant optimist would have dreamt that over the next fifty years the real return on equities would be 9% per year? Yet this is what happened in the U.S. stock market. The optimists triumphed. However, as Don Marquis observed, an optimist is someone who never had much experience. The authors of this book extend our experience across regions and across time. They present a comprehensive and consistent analysis of investment returns for equities, bonds, bills, currencies and inflation, spanning sixteen countries, from the end of the nineteenth century to the beginning of the twenty-first. This is achieved in a clear and simple way, with over 130 color diagrams that make comparison easy. Crucially, the authors analyze total returns, including reinvested income. They show that some historical indexes overstate long-term performance because they are contaminated by survivorship bias and that long-term stock returns are in most countries seriously overestimated, due to a focus on periods that with hindsight are known to have been successful. The book also provides the first comprehensive evidence on the long-term equity risk premium--the reward for bearing the risk of common stocks. The authors reveal whether the United States and United Kingdom have had unusually high stock market returns compared to other countries. The book covers the U.S., the U.K., Japan, France, Germany, Canada, Italy, Spain, Switzerland, Australia, the Netherlands, Sweden, Belgium, Ireland, Denmark, and South Africa. Triumph of the Optimists is required reading for investment professionals, financial economists, and investors. It will be the definitive reference in the field and consulted for years to come.

• Autorzy: Elroy Dimson Paul Marsh Mike Staunton
• Wydawnictwo: Princeton University Press
• Data wydania: 2009
• Wydanie:
• Liczba stron: 352
• Forma publikacji: PDF (online)
• Język publikacji: angielski
• ISBN: 9781400829477

• Contents
• Preface
• Part One: 101 years of global investment returns
• Chapter 1 Introduction and overview
• 1.1 Need for an international perspective
• 1.2 The historical record
• 1.3 Inside the markets
• 1.4 The equity premium
• 1.5 Sixteen countries, one world
• Chapter 2 World markets: today and yesterday
• 2.1 The world’s stock markets today
• 2.2 The world’s bond markets today
• 2.3 Why stock and bond markets matter
• 2.4 The world’s markets yesterday
• 2.5 The US and UK stock markets: 1900 versus 2000
• 2.6 Industry composition: 1900 versus 2000
• 2.7 Stock market concentration
• 2.8 Summary
• Chapter 3 Measuring long-term returns
• 3.1 Good indexes and bad
• 3.2 Index design: a case study
• 3.3 Dividends, coverage, and weightings
• 3.4 Easy-data bias in international indexes
• 3.5 Measuring inflation and fixed-income returns
• 3.6 Summary
• Chapter 4 International capital market history
• 4.1 The US record
• 4.2 The UK record
• 4.3 Stock market returns around the world
• 4.4 Equities compared with bonds and bills
• 4.5 Investment risk and the distribution of annual returns
• 4.6 Risk, diversification, and market risk
• 4.7 Risk comparisons across asset classes and countries
• 4.8 Summary
• Chapter 5 Inflation, interest rates, and bill returns
• 5.1 Inflation in the United States and the United Kingdom
• 5.2 Inflation around the world
• 5.3 US treasury bills and real interest rates
• 5.4 Real interest rates around the world
• 5.5 Summary
• Chapter 6 Bond returns
• 6.1 US and UK bond returns
• 6.2 Bond returns around the world
• 6.3 Bond maturity premia
• 6.4 Inflation-indexed bonds and the real term premium
• 6.5 Corporate bonds and the default risk premium
• 6.6 Summary
• Chapter 7 Exchange rates and common-currency returns
• 7.1 Long-run exchange rate behavior
• 7.2 The international monetary system
• 7.3 Long-run purchasing power parity
• 7.4 Deviations from purchasing power parity
• 7.5 Volatility of exchange rates
• 7.6 Common-currency returns on bonds and equities
• 7.7 Summary
• Chapter 8 International investment
• 8.1 Local market versus currency risk
• 8.2 A twentieth century world index for equities and bonds
• 8.3 Ex post benefits from holding the world index
• 8.4 Correlations between countries
• 8.5 Prospective gains from international diversification
• 8.6 Home bias and constraints on international investment
• 8.7 Summary
• Chapter 9 Size effects and seasonality in stock returns
• 9.1 The size effect in the United States
• 9.2 The size effect in the United Kingdom
• 9.3 The size effect around the world
• 9.4 The reversal of the size premium
• 9.5 Seasonality and size
• 9.6 Summary
• Chapter 10 Value and growth in stock returns
• 10.1 Value versus growth in the United States
• 10.2 Value and growth investing in the United Kingdom
• 10.3 The international evidence
• 10.4 Summary
• Chapter 11 Equity dividends
• 11.1 The impact of income
• 11.2 US and UK dividend growth
• 11.3 Dividend growth around the world
• 11.4 Dividend growth, GDP growth, and real equity returns
• 11.5 Dividend yields around the world and over time
• 11.6 Disappearing dividends
• 11.7 Summary
• Chapter 12 The equity risk premium
• 12.1 US risk premia relative to bills
• 12.2 Worldwide risk premia relative to bills
• 12.3 US risk premia relative to bonds
• 12.4 Worldwide risk premia relative to bonds
• 12.5 Summary
• Chapter 13 The prospective risk premium
• 13.1 Why the risk premium matters
• 13.2 How big should the risk premium be?
• 13.3 Measuring the premium
• 13.4 Arithmetic and geometric premia
• 13.5 The changing consensus
• 13.6 History as a guide to the future
• 13.7 Expectations of the risk premium
• 13.8 Summary
• Chapter 14 Implications for investors
• 14.1 Market risk in the twenty-first century
• 14.2 Inferences from other markets
• 14.3 What does the future hold?
• 14.4 Implications for individual investors
• 14.5 Implications for investment institutions
• 14.6 Summary
• Chapter 15 Implications for companies
• 15.1 The cost of capital
• 15.2 Corporate investment decisions
• 15.3 Corporate financing decisions
• 15.4 Summary
• Chapter 16 Conclusion
• 16.1 Long-term returns
• 16.2 Key messages
• 16.3 Conclusion
• Part Two: Sixteen countries, one world
• Chapter 17 Our global database
• Chapter 18 Australia
• Chapter 19 Belgium
• Chapter 20 Canada
• Chapter 21 Denmark
• Chapter 22 France
• Chapter 23 Germany
• Chapter 24 Ireland
• Chapter 25 Italy
• Chapter 26 Japan
• Chapter 27 The Netherlands
• Chapter 28 South Africa
• Chapter 29 Spain
• Chapter 30 Sweden
• Chapter 31 Switzerland
• Chapter 32 United Kingdom
• Chapter 33 United States
• Chapter 34 World
• References
• About the authors
• Index
• A
• B
• C
• D
• E
• F
• G
• H
• I
• J
• K
• L
• M
• N
• O
• P
• R
• S
• T
• U
• V
• W
• X
• Y
• Z

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