What are the factors behind current high stock market valuations?
Stalla-Bourdillon, Arthur; Chatelais, N. (2020), What are the factors behind current high stock market valuations?, Bloc-notes éco, 189
TypeArticle accepté pour publication ou publié
External document linkhttps://blocnotesdeleco.banque-france.fr/en/blog-entry/what-are-factors-behind-current-high-stock-market-valuations
Journal nameBloc-notes éco
Banque de France
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Abstract (EN)Despite the corrections at the end of 2018 and the Covid-19 shock, price-earnings ratios remain at high levels, particularly in the United States. However, based on indices adjusted for expected growth and the level of interest rates, this trend does not appear to be the result of irrational exuberance like in previous speculative episodes.
Subjects / KeywordsRelative Return Indicator; risk tolerance; Risk-free rate; markets; E43,E44,D81,332/Bourse, Marchés financiers. Taux d’intérêt – Stocks options – Analyse Financière
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