Productivity and equity market fundamentals: 80 years of evidence for 11 OECD countries

被引：4

作者：

Davis, E. Philip ^{[1
]}

Madsen, Jakob B. ^{[2
]}

机构：

[1] Brunel Univ, Dept Econ & Finance, Sch Social Sci, Uxbridge UB3 4PH, Middx, England

[2] Monash Univ, Dept Econ, Clayton, Vic 3800, Australia

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2008年 / 27卷 / 08期

关键词：

Productivity; Share returns;

D O I：

10.1016/j.jimonfin.2008.05.008

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The share market boom in the 1990s is often linked to the acceleration in labour and total factor productivities over the same period. This paper explores the argument that labour and total factor productivities are inaccurate measures of firm's earnings, Which underlie equity valuations, and that capital productivity is a better measure of earnings. Using 80 years of data for 11 OECD countries, it is shown empirically that the link of capital productivity to share returns is indeed stronger than that of labour productivity and TFP. (C) 2008 Elsevier Ltd. All rights reserved.

引用

页码：1261 / 1283

页数：23