LEADER 04210nam 2200637Ia 450 001 9910841139303321 005 20230721022938.0 010 $a0-470-68510-7 010 $a1-119-20701-0 010 $a1-282-29160-2 010 $a9786612291609 010 $a0-470-68269-8 035 $a(CKB)1000000000799733 035 $a(EBL)470735 035 $a(OCoLC)475534156 035 $a(SSID)ssj0000312915 035 $a(PQKBManifestationID)12069730 035 $a(PQKBTitleCode)TC0000312915 035 $a(PQKBWorkID)10350502 035 $a(PQKB)10048741 035 $a(MiAaPQ)EBC470735 035 $a(EXLCZ)991000000000799733 100 $a20090521d2009 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aWall Street revalued$b[electronic resource] $eimperfect markets and inept central bankers /$fAndrew Smithers 210 $aChichester, West Sussex ;$aHoboken, NJ $cJohn Wiley & Sons$d2009 215 $a1 online resource (289 p.) 300 $aDescription based upon print version of record. 311 $a0-470-75005-7 327 $aWALL STREET REVALUED: Imperfect Markets and Inept Central Bankers; Contents; Foreword; 1: Introduction; 2: Synopsis; 3: Interest Rate Levels and the Stock Market; 4: Interest Rate Changes and Share Price Changes; 5: Household Savings and the Stock Market; 6: A Moderately Rather than a Perfectly Efficient Market; 7: The Efficient Market Hypothesis; 8: Testing the Imperfectly Efficient Market Hypothesis; 9: Other Claims for Valuing Equities; 10: Forecasting Returns without Using Value; 11: Valuing Stock Markets by Hindsight Combined with Subsequent Returns; 12: House Prices 327 $a13: The Price of Liquidity - The Return for Holding Illiquid Assets14: The Return on Equities and the Return on Equity Portfolios; 15: The General Undesirability of Leveraging Equity Portfolios; 16: A Rare Exception to the Rule Against Leverage; 17: Profits are Overstated; 18: Intangibles; 19: Accounting Issues; 20: The Impact on q; 21: Problems with Valuing the Markets of Developing Economies; 22: Central Banks' Response to Asset Prices; 23: The Response to Asset Prices from Investors, Fund Managers and Pension Consultants; 24: International Imbalances; 25: Summing Up 327 $aAppendix 1: Sources and ObligationsAppendix 2: Glossary of Terms; Appendix 3: Interest Rates, Profits and Share Prices; Appendix 4: Examples of the Current (Trailing) and Next Year's (Prospective) PEs Giving Misleading Guides to Value; Appendix 5: Real Returns from 17 International Equity Markets Comparing 1899-1954 with 1954-2008 and Showing Their Variance Compression; Appendix 6: Errors in Inflation Expectations and the Impact on Bond Returns; Appendix 7: An Algebraic Demonstration that Negative Serial Correlation can make the Leverage of an Equity Portfolio Unattractive 327 $aAppendix 8: Correlations between International Stock MarketsBibliography; Index; colour plates 330 $aIn 2000 one of the world's foremost economists, Andrew Smithers, showed that the US stock market was widely over-priced at its peak and correctly advised investors to sell. He also argued that central bankers should adjust their policies not only in light of expected inflation but also if stock prices reach excessive levels. At the time, few economists agreed with him, today it is hard to find those who would disagree. In the past central bankers have denied that markets can be valued and that it did not matter if they fell. These two intellectual mistakes are the fundamentals cause of t 606 $aCapital market$zUnited States 606 $aMonetary policy$zUnited States 606 $aFinance$zUnited States 606 $aBanks and banking, Central$zUnited States 615 0$aCapital market 615 0$aMonetary policy 615 0$aFinance 615 0$aBanks and banking, Central 676 $a332 676 $a332.04150973 700 $aSmithers$b Andrew$01639477 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910841139303321 996 $aWall Street revalued$94140929 997 $aUNINA