Contents

Chapters in this book

1. Frontmatter i
2. Contents vii
3. Preface xi
4. PART ONE: 101 years of global investment returns
5. Chapter 1. Introduction and overview 3
6. Chapter 2. World markets: today and yesterday 11
7. Chapter 3. Measuring long-term returns 34
8. Chapter 4. International capital market history 45
9. Chapter 5. Inflation, interest rates, and bill returns 63
10. Chapter 6. Bond returns 74
11. Chapter 7. Exchange rates and common-currency returns 91
12. Chapter 8. International investment 105
13. Chapter 9. Size effects and seasonality in stock returns 124
14. Chapter 10. Value and growth in stock returns 139
15. Chapter 11. Equity dividends 149
16. Chapter 12. The equity risk premium 163
17. Chapter 13. The prospective risk premium 176
18. Chapter 14. Implications for investors 195
19. Chapter 15. Implications for companies 211
20. Chapter 16. Conclusion 220
21. PART TWO: Sixteen countries, one world
22. Chapter 17. Our global database 227
23. Chapter 18. Australia 229
24. Chapter 19. Belgium 234
25. Chapter 20. Canada 239
26. Chapter 21. Denmark 244
27. Chapter 22. France 249
28. Chapter 23. Germany 254
29. Chapter 24. Ireland 259
30. Chapter 25. Italy 264
31. Chapter 26. Japan 269
32. Chapter 27. Netherlands 274
33. Chapter 28. South Africa 279
34. Chapter 29. Spain 284
35. Chapter 30. Sweden 289
36. Chapter 31. Switzerland 294
37. Chapter 32. United Kingdom 299
38. Chapter 33. United States 306
39. Chapter 34. World 311
40. References 316
41. About the Authors 331
42. Index 333