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Are stock prices driven by expected growth rather than discount rates? Evidence based on the COVID-19 crisis
We use the Gordon (Rev Econ Stat 41(2):99-105, 1959) constant growth model to gauge the effects from innovations in implied growth versus discount rates. During the COVID-19 downturn and the Global Financial Crisis (GFC), stock returns were largely affected by a change in the long-run implied growth...
| Autores principales: | , |
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| Formato: | Online Artículo Texto |
| Lenguaje: | English |
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Palgrave Macmillan UK
2021
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| Materias: | |
| Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8045016/ http://dx.doi.org/10.1057/s41283-021-00070-x |