Baryshevsky, Dmitry - EconWPA - 2003
the 19-th up to the middle of the 20-th centuries the average growth rate of earnings, dividends and S&P 500 index was 1 ….5% per year. In the second half of the 20-th century the average growth rate of dividend speed up to 5%, earnings up to 5 ….5% and S&P 500 up to 8% per year. The arisen divergence in the growth rate of earnings and S&P500 led to the essential growth …