图书简介

Foreword by Andy Haldane; 1 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 (LCSH); 29 Depreciation, Capital Consumption, and Maintenance; 30 Comparison with Other Approaches; 31 The Efficient Market Hypothesis; 32 Summary; 33 Comments in Conclusion; Appendices; 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 US; Appendix 4. Data Sources, Use, and Methods of Calculation

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