Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5062563 | Economics Letters | 2007 | 5 Pages |
Abstract
A model of profits switches between four regimes with fixed probabilities; the rationally expected profits stream implies the stock market value. This efficient market model is not rejected by UK post-war time-series behaviour of either profits or the FTSE index.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
David Meenagh, Patrick Minford, David Peel,