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    Lezione 17 10 2017 Bis

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    Marianna Anghel
    This document summarizes real (inflation-adjusted) equity returns from 1900-2016 for various countries around the world. It presents the geometric mean, arithmetic mean, standard error, standard deviation, minimum return, year of minimum return, maximum return, and year of maximum return for each country. The data shows that returns varied significantly between countries and years, with minimum annual returns ranging from -90.8% in Germany in 1948 to 51.5% in Australia in 1983 and maximum returns ranging from 67.5% in Sweden in 1999 to 161.7% in Finland in 1999.

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    Lezione 17 10 2017 Bis

    Uploaded by

    Marianna Anghel
    12 views3 pages
    This document summarizes real (inflation-adjusted) equity returns from 1900-2016 for various countries around the world. It presents the geometric mean, arithmetic mean, standard error, standard deviation, minimum return, year of minimum return, maximum return, and year of maximum return for each country. The data shows that returns varied significantly between countries and years, with minimum annual returns ranging from -90.8% in Germany in 1948 to 51.5% in Australia in 1983 and maximum returns ranging from 67.5% in Sweden in 1999 to 161.7% in Finland in 1999.

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    This document summarizes real (inflation-adjusted) equity returns from 1900-2016 for various countries around the world. It presents the geometric mean, arithmetic mean, standard error, standard deviation, minimum return, year of minimum return, maximum return, and year of maximum return for each country. The data shows that returns varied significantly between countries and years, with minimum annual returns ranging from -90.8% in Germany in 1948 to 51.5% in Australia in 1983 and maximum returns ranging from 67.5% in Sweden in 1999 to 161.7% in Finland in 1999.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    12 views3 pages

    Lezione 17 10 2017 Bis

    Uploaded by

    Marianna Anghel
    This document summarizes real (inflation-adjusted) equity returns from 1900-2016 for various countries around the world. It presents the geometric mean, arithmetic mean, standard error, standard deviation, minimum return, year of minimum return, maximum return, and year of maximum return for each country. The data shows that returns varied significantly between countries and years, with minimum annual returns ranging from -90.8% in Germany in 1948 to 51.5% in Australia in 1983 and maximum returns ranging from 67.5% in Sweden in 1999 to 161.7% in Finland in 1999.

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    © All Rights Reserved
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    Download as pdf or txt
    of 3

    February 2017

    Research Institute
    Table 2: Real (inflation -adjusted) equity returns around the world, 1900 –2016
    Country Geometric Arithmetic Standard Standard Minimum Min Maximum Max
    mean% mean% error% dev.% return% year return% year
    Australia 6.8 8.3 1.6 17.6 –42.5 2008 51.5 1983
    Austria 0.8 4.8 2.8 29.9 –59.4 2008 127.1 1985
    Belgium 2.7 5.3 2.2 23.5 –48.9 2008 105.1 1919
    Canada 5.7 7.1 1.6 17.0 –33.8 2008 55.2 1933
    Denmark 5.4 7.3 1.9 20.8 –49.2 2008 107.8 1983
    Finland 5.4 9.3 2.8 29.8 –60.8 1918 161.7 1999
    France 3.3 5.8 2.1 23.0 –41.5 2008 66.1 1954
    Germany 3.3 8.1 2.9 31.6 –90.8 1948 154.6 1949
    Ireland 4.4 7.0 2.1 22.9 –65.4 2008 68.4 1977
    Italy 2.0 5.9 2.6 28.5 –72.9 1945 120.7 1946
    Japan 4.2 8.7 2.7 29.4 –85.5 1946 121.1 1952
    Netherlands 5.0 7.1 2.0 21.3 –50.4 2008 101.6 1940
    New Zealand 6.2 7.9 1.8 19.3 –54.7 1987 105.3 1983
    Norway 4.3 7.2 2.5 26.8 –53.6 2008 166.9 1979
    Portugal 3.5 8.4 3.2 34.3 –76.6 1978 151.8 1986
    South Africa 7.2 9.3 2.0 22.1 –52.2 1920 102.9 1933
    Spain 3.6 5.8 2.0 21.9 –43.3 1977 99.4 1986
    Sweden 5.9 8.0 2.0 21.1 –42.5 1918 67.5 1999
    Switzerland 4.4 6.2 1.8 19.4 –37.8 1974 59.4 1922
    United Kingdom 5.5 7.3 1.8 19.6 –57.1 1974 96.7 1975
    United States 6.4 8.4 1.9 20.0 –38.4 1931 56.2 1933
    Europe 4.2 6.0 1.8 19.8 –47.5 2008 75.7 1933
    World ex -US 4.3 6.0 1.7 18.9 –44.2 2008 80.0 1933
    World 5.1 6.5 1.6 17.4 –41.4 2008 68.0 1933
    Source: Elroy Dimson, Paul Marsh, and Mike Staunton, Triumph of the Optimists, Princeton University Press, 2002, and subsequent
    research.

    Chart 6: Impact of reinvested dividends on cumulative US and UK equity local -currency returns, 1900 –2016
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