科研之友
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摘要
Value-income ratios, such as dividend yields in finance and price-rent ratios in housing and real estate markets, impact society in a variety of ways. This paper proposes a new type of the present value model that features income growth with time-varying yields. It offers a new risk perspective, which may alleviate timid investor behavior in market downturns while cooling down the market in seemingly booming times. A binding relationship, the value-income ratio adjusted by yields of the asset and growth in income, is revealed. This has notable implications for empirical research, which examines value-income ratios time and again. Incorrectly perceived market behavior distorts the formation of investor behavior, and vice versa, which has serious consequences to the functioning of the market and beyond.
- 出版日期2015-4-1
