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- W4221048579 abstract "The stock market rotates around fair value, which is when corporate net worth and the market valuation of corporate equity are, when correctly valued, equal—the <italic>q</italic> ratio is mean reverting. This could occur through changes in net worth or in value or in some combination of both. To fit the assumptions of the neoclassical synthesis the adjustment must come from rises in net worth in response to changes in investment. It doesn’t and attempts to explain the incompatibility of the data on <italic>q</italic> with the neoclassical synthesis by allowing for tax effects have not succeeded. The mean reversion of equity <italic>q</italic> must therefore come from that of share prices and this is the natural effect of the stationarity of equity returns. When the market is cheap the returns from it are high and when overpriced low, so the risk of loss increases as share prices rise and declines as they fall. The rewards from holding equities thus rise and fall in a way that serves to restrict their swings." @default.
- W4221048579 created "2022-04-03" @default.
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- W4221048579 date "2022-03-10" @default.
- W4221048579 modified "2023-09-30" @default.
- W4221048579 title "How the Market Returns to Fair Value" @default.
- W4221048579 doi "https://doi.org/10.1093/oso/9780192847096.003.0021" @default.
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