A Price Earnings Index for the Danish Stock Market

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A Price Earnings Index for the Danish Stock Market

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dc.contributor.author Risager, Ole en_US
dc.date.accessioned 2009-02-04T10:27:52Z
dc.date.available 2009-02-04T10:27:52Z
dc.date.issued 2004-12-14T00:00:00Z en_US
dc.identifier.uri http://hdl.handle.net/10398/7620
dc.description.abstract Price-earnings ratios are part of the toolkit that is used for assessing the valuation of individual firms on the stock market as well as the entire market itself. This paper presents consistent P/E series for the liquid Danish shares adjusted for share buybacks. The results show that over the period from 1969 to 2003, the average (trailing) P/E equals 13.5. The P/E reaches its lowest level in 1980, which is likely to be due to a soaring oil price, high wage increases and interest rates approaching 20 percent. Notwithstanding optimistic equity pricing also in Denmark in the late 1990s, the upturn in Danish valuations was more moderate than in the US. The correction that sets in subsequently reversed essentially the gains in the Danish P/E in the 1990s. en_US
dc.format.extent 28 s. en_US
dc.language eng en_US
dc.relation.ispartofseries Working paper;2004-013 en_US
dc.subject.other kep en_US
dc.title A Price Earnings Index for the Danish Stock Market en_US
dc.type wp en_US
dc.accessionstatus modt04dec14 miel en_US
dc.contributor.corporation Copenhagen Business School. CBS en_US
dc.contributor.department Økonomisk Institut en_US
dc.contributor.departmentshort ECON en_US
dc.contributor.departmentuk Department of Economics en_US
dc.contributor.departmentukshort ECON en_US
dc.idnumber x656444702 en_US
dc.publisher.city København en_US
dc.publisher.year 2004 en_US


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