NDLI: Long-run stock returns: evidence from Belgium 1838

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Long-run stock returns: evidence from Belgium 1838–2010

Content Provider	Springer Nature Link
Author	Annaert, Jan Buelens, Frans Deloof, Marc
Copyright Year	2014
Abstract	We investigate monthly returns of Belgian stocks listed on the Brussels stock exchange in the period 1838–2010. Our dataset is based on official quotation lists of the stock exchange, and it takes into account all common stocks that were ever listed on the stock exchange during the period considered. This allows us to investigate the performance of the market as a whole in a consistent way over the nineteenth and twentieth centuries. We find that stock returns strongly depend on dividend income. While real capital appreciation tends to be negative, the dividend yield is remarkably stable over time. Stocks were less risky in the nineteenth century than in the twentieth century. While the equity premium is overall positive, the reward for equity risk is very volatile over time. Even in the long-run equity investors frequently earned a negative return. There are no consistent differences between returns on small stocks and large stocks.
Starting Page	77
Ending Page	95
Page Count	19
File Format	PDF
ISSN	18632505
Journal	Cliometrica
Volume Number	9
Issue Number	1
e-ISSN	18632513
Language	English
Publisher	Springer Berlin Heidelberg
Publisher Date	2014-03-09
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Long-run stock returns Equity premium Size effect Nineteenth and twentieth centuries Brussels stock exchange Economic Theory History Econometrics Methodology and the History of Economic Thought
Content Type	Text
Resource Type	Article
Subject	History Economics and Econometrics

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