Shen, Pu - In: Economic Review (2000) Q IV, pp. 23-36
stock prices. Moreover, when high price-earnings ratios have reduced the earnings yield on stocks relative to returns on … hold this view point out that, in the past, high price-earnings ratios have usually been followed by slow growth in stock … prices. Other analysts argue that history is no longer a true guide because fundamental changes in the economy have made …