The Recent Ascent of Stock Prices: Can It Be Explained by Earnings Growth or Other Fundamentals?
分析了股价、股息、盈利与回报的当前关系，发现市场水平无法用标准估值模型的单一基本面解释，而是反映了对未来股息增长的乐观和预期回报的降低。
An analysis of the current relationship between stock prices, dividends, earnings, and returns, aimed at examining the causes of the recent stock market surge. It reveals that the markets level cannot be explained by any single fundamental element of standard stock valuation models, but rather manifests optimism about future dividend growth (based on the present record growth in earnings) and a lower expected return (reflecting a diminished risk premium for holding equity).