This paper analyzes whether, and to what extent, the Danish 1, 5 and 10-year equity premia are predictable. We examine the predictive power of a comprehensive list of financial ratios, interest rates and so forth. The results show that the 5-year premium is predictable in the sense that the...

1. Brief Introduction. The two companies D/S Svendborg and D/S 1912 have for almost a century been the parent companies of the A.P. Møller Group. These companies were founded by Mr. Arnold Peter Møller and his father Captain Peter Mærsk Møller. They were in the beginning entirely into...

Price-earnings ratios are part of the toolkit that is used for assessing the valuation of individual firms on the stock market as well as the entire market itself. This paper presents consistent P/E series for the liquid Danish shares adjusted for share buybacks. The results show that over the...

A number of influential studies have documented a strong value premium for US stocks over the period 1963 to 1990 (Fama and French (1992), Lakonishok et al. (1994)). Stocks with low price-earnings multiples, price-book values and other measures of value are reported to have given a higher mean...

This paper addresses the question of the possible real side effects of exchange rate devaluation in a small dependent economy, with a specific empirical application to Jordan. A macroeconomic model is constructed on the basis of a number of stylized facts which characterize the Jordanian...

In this paper, the authors analyze how job security policies, which in practice result in higher firing costs, affect long-run employment and investment in a two-country model with free trade in goods and capital. The effects turn out to depend crucially on the preferences of trade unions and,...

This paper analyzes the real and monetary effects of a shift in the exchange-rate policy in an economy where the private sector is uncertain about the true intentions of the government. In a finitely repeated game of incomplete information, the authors show that a shift towards a tight, fixed...

This paper analyzes whether, and to what extent, the Danish 1, 5 and 10-year equity premia <p> are predictable. We examine the predictive power of a comprehensive list of financial ratios, <p> interest rates and so forth. The results show that the 5-year premium is predictable in the <p> sense that the...</p></p></p>