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Stock Market Trading Rules: Collected Wisdom From 80 International Stock Market Experts by Philip Jenks, Stephen Eckett

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Rajnish Mehra

Rajnish Mehra is Professor of Finance and Chair of the Department of Economics at the University of California. He is a visiting professor at the Graduate School of Business, Chicago, and is an associate editor of The Journal of Economic Dynamics and Control.

The equity premium

1. The equity premium - what is it?

For over a century, stock returns have been considerably higher than those for T-bills. The average annual real return (that is to say, the inflation adjusted return) on the U.S. stock market over the last hundred and ten years has been about 7.9%. Over the same period, the return on a relatively riskless security, ...

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