Musings on Markets

JANUARY 5, 2024

Since I am lucky enough to have access to databases that carry data on all publicly traded stocks, I choose all publicly traded companies, with a market price that exceeds zero, as my universe, for computing all statistics. Costs of equity & capital 4. Costs of equity & capital 1. Book Value Multiples 3.

Dividends 105

Dividends Risk Premium Equity Book Value 105

Reynolds Holding

FEBRUARY 5, 2023

This is direct evidence that the announcement causes expectations of firm value to be biased upward. The subsamples with higher announcement returns, which reflect greater market expectations, experience negative future returns. The abnormal returns may be rational compensation for risk.

Marketability 59

Marketability Alpha Equity Firm Value 59

Musings on Markets

JANUARY 10, 2025

Not surprisingly, the company listings are across the world, and I look at the breakdown of companies, by number and market cap, by geography: As you can see, the market cap of US companies at the start of 2025 accounted for roughly 49% of the market cap of global stocks, up from 44% at the start of 2024 and 42% at the start of 2023.

Risk Premium 119

Risk Premium Dividends Start-ups Corporate Finance 119