THE 1929 STOCK MARKET: IRVING FISHER WAS RIGHT*
用增长理论估算1929年公司股权的基本面价值，并与实际股价比较，发现即使在大崩盘前的峰值，股票仍被低估，支持了欧文·费雪的观点。
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 article, 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.