Global Stock Markets in the Twentieth Century
收集了39个市场自1920年代以来的资本增值指数，发现美国股市的实际回报率（4.3%）远高于其他国家中位数（0.8%），说明美国的高股权溢价可能是特例而非普遍规律，对研究全球股票回报和生存偏差的学者有参考价值。
Abstract Long‐term estimates of expected return on equities are typically derived from U.S. data only. There are reasons to suspect that these estimates are subject to survivorship, as the United States is arguably the most successful capitalist system in the world. We collect a database of capital appreciation indexes for 39 markets going back to the 1920s. For 1921 to 1996, U.S. equities had the highest real return of all countries, at 4.3 percent, versus a median of 0.8 percent for other countries. The high equity premium obtained for U.S. equities appears to be the exception rather than the rule.