The 1929 stock market
Irving Fisher was right
by Ellen R. McGrattan
"Many stock market analysts think that in 1929, at the time of the crash, stocks were overvalued. Irving Fisher argued just before the crash that fundamentals were strong and the stock market was undervalued. In this paper, we use growth theory to estimate the fundamental value of corporate equity and compare it to actual stock valuations.Our estimate is based on values of productive corporate capital, both tangible and intangible, and tax rates on corporate income and distributions.The evidence strongly suggests that Fisher was right.Even at the 1929 peak, stocks were undervalued relative to the prediction of theory"--Federal Reserve Bank of Minneapolis web site.
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Subjects
Corporations, Stock Market Crash, 1929, ValuationPeople
Irving Fisher (1867-1947)Showing 1 featured edition. View all 1 editions?
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The 1929 stock market: Irving Fisher was right
2003, Federal Reserve Bank of Minneapolis
Electronic resource
in English
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Book Details
Edition Notes
Includes bibliographical references.
Title from PDF file as viewed on 1/15/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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| December 13, 2020 | Edited by MARC Bot | import existing book |
| December 5, 2010 | Edited by Open Library Bot | Added subjects from MARC records. |
| December 10, 2009 | Created by WorkBot | add works page |