This Yearbook is written and updated annually by the authors of the financial data bible or reference book Triumph of the Optimists, Elroy Dimson, Paul Marsh & Mike Staunton, since it was first published in 2000.
They present a comprehensive and consistent analysis of investment returns for equities, bonds, bills, currencies and inflation, spanning twenty-three countries, from the end of the nineteenth century to the present. This global approach is their landmark. Most of the data compiled before was mainly for US.
The report also provides the first comprehensive evidence on the long-term equity risk premium–the reward for bearing the risk of common stocks.
The authors reveal whether the United States and United Kingdom have had unusually high stock market returns compared to other countries. The book covers the U.S., the U.K., Japan, France, Germany, Canada, Italy, Spain, Switzerland, Australia, the Netherlands, Sweden, Belgium, Ireland, Denmark, South Africa, Norway, New Zealand, Finland and Portugal.
In addition, each year the team chooses one or two different timely relevant financial markets themes to cover in more depth. This year edition starts with an insightful and broadly based review of ESG investing. In the 2019 edition, the theme is an analysis of the emerging markets and a comparison to the advanced markets. Both editions also have a section on factor investing.
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