000			03050nam a2200325 i 4500
001			256442
003			TH-BaBU
005			20250302083410.0
008			220305t2022 xxka fob 001 0 eng d
040			_aEBLCP _beng _erda _cTH-BaBU
020			_a9780192662705 (electronic bk.)
020			_a9780192847096
050		4	_aHG4551 _b.S65 2022
100	1		_aSmithers, Andrew, _eauthor. _9166168
245	1	4	_aThe economics of the stock market / _cAndrew Smithers.
250			_aFirst edition.
264		1	_aOxford : _bOxford University Press, _c2022.
300			_a1 online resource.
336			_atext _2rdacontent
337			_acomputer _2rdamedia
338			_aonline resource _2rdacarrier
504			_aIncludes bibliographical references and index.
520			_aThis book argues that the neoclassial synthesis is insufficiently attentative to the impact of the stock market on the economy. Smithers proposes an alternative model, which takes into account the differing preferences of business managers and owners of capital.
505	0		_a1: Introduction -- 2: Surprising Features of the Model -- 3: The Model in Summary -- 4: Management Behaviour, Investment, Debt, and Pay-out Ratios -- 5: Corporate Leverage and Household Portfolio Preference -- 6: The Growth of Corporate Equity -- 7: The Yield Curve -- 8: The Risk-free Short-term Rate of Interest -- 9: Equity, Bond, and Cash Relative Returns -- 10: Stock Market Returns Do Not Follow a Random Walk -- 11: The Risks of Equities at Different Time Horizons -- 12: The Time Horizon at Which Investors Will Prefer Equities to Bonds -- 13: Changes in Aggregate Risk Aversion -- 14: Monetary Policy, Leverage, and Portfolio Preferences -- 15: Valuing the US Stock Market -- 16: The Real Return on Equity Capital Worldwide -- 17: Money- and Time-weighted Returns -- 18: The Behaviour of the Firm -- 19: Corporate Investment and the Miller-Modigliani Theorem -- 20: Land, Inventories, and Trade Credit -- 21: How the Market Returns to Fair Value -- 22: Fluctuations in the Hurdle Rate -- 23: Tangibles and Intangibles -- 24: Other Problems from Labelling IP Expenditure as Investment -- 25: Inflation, Leverage, Growth, and Financial Stability -- 26: Tax -- 27: Portfolio Preference and Retirement Savings -- 28: Life Cycle Savings Hypothesis -- 29: Depreciation, Capital Consumption, and Maintenance -- 30: Comparison with Other Approaches -- 31: The Efficient Market Hypothesis -- 32: Summary -- 33: Comments in Conclusion -- 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 United States -- APPENDIX 4: Data Sources, Use, and Methods of Calculation
650		0	_aStock exchanges. _956714
650		0	_aEconomic policy. _913191
650		6	_aBourse. _9166169
856	4	1	_uhttps://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=3185045 _zElectronic Resources
942			_2lcc _cEB
999			_c256442 _d256442