Table of Contents
Foreword by Andy Haldane
Chapter 1 Introduction
Chapter 2 Surprising Features of the Model
Chapter 3 The Model in Summary
Chapter 4 Management Behaviour, Investment, Debt, and Pay-out Ratios
Chapter 5 Corporate Leverage and Household Portfolio Preference
Chapter 6 The Growth of Corporate Equity
Chapter 7 The Yield Curve
Chapter 8 The Risk-Free Short-term Rate of Interest
Chapter 9 Equity, Bond, and Cash Relative Returns
Chapter 10 Stock Market Returns Do Not Follow a Random Walk
Chapter 11 The Risks of Equities at Different Time Horizons
Chapter 12 The Time Horizon at Which Investors Will Prefer Equities to Bonds
Chapter 13 Changes in Aggregate Risk Aversion
Chapter 14 Monetary Policy, Leverage, and Portfolio Preferences
Chapter 15 Valuing the US Stock Market
Chapter 16 The Real Return on Equity Capital Worldwide
Chapter 17 Money and Time Weighted Returns
Chapter 18 The Behaviour of The Firm
Chapter 19 Corporate Investment and the Miller-Modigliani Theorem
Chapter 20 Land, Inventories, and Trade Credit
Chapter 21 How the Market Returns to Fair Value
Chapter 22 Fluctuations in the Hurdle Rate
Chapter 23 Tangibles and Intangibles
Chapter 24 Other Problems from Labelling IP Expenditure as Investment
Chapter 25 Inflation, Leverage, Growth, and Financial Stability.
Chapter 26 Tax
Chapter 27 Portfolio Preference and Retirement Savings
Chapter 28 Life Cycle Savings Hypothesis (LCSH)
Chapter 29 Depreciation, Capital Consumption, and Maintenance
Chapter 30 Comparison with Other Approaches
Chapter 31 The Efficient Market Hypothesis
Chapter 32 Summary
Chapter 33 Comments in Conclusion
Appendices
Appendix 1. The Duration of Bonds and Equities
Appendix 2. The Valuation of Unquoted Companies in The Financial Accounts of the United States - Z1
Appendix 3. Measurement of the Net Capital Stock and Depreciation in the US
Appendix 4. Data Sources, Use, and Methods of Calculation
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