Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/83914
Authors: 
Meenagh, David
Minford, Patrick
Peel, David
Year of Publication: 
2006
Series/Report no.: 
Cardiff Economics Working Papers E2006/13
Abstract: 
A model of profits switches between four regimes with fixed probabilities; the rationally expected profits stream implies the stock market value. This efficient market model is not rejected by UK post-war time-series behaviour of either profits or the FTSE index.
Subjects: 
regime switching, stock returns
efficient markets
rational expectations
JEL: 
C15
C5
G14
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.