A Price Earnings Index for the Danish Stock Market

Publikation: Working paperForskning

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Resumé

Price-earnings ratios are part of the toolkit that is used for assessing the valuation ofindividual firms on the stock market as well as the entire market itself. This paperpresents consistent P/E series for the liquid Danish shares adjusted for share buybacks.The results show that over the period from 1969 to 2003, the average (trailing)P/E equals 13.5. The P/E reaches its lowest level in 1980, which is likely to be due toa soaring oil price, high wage increases and interest rates approaching 20 percent.Notwithstanding optimistic equity pricing also in Denmark in the late 1990s, theupturn in Danish valuations was more moderate than in the US. The correction thatsets in subsequently reversed essentially the gains in the Danish P/E in the 1990s.
OriginalsprogEngelsk
Udgivelses stedFrederiksberg
UdgiverCopenhagen Business School, CBS
Antal sider26
StatusUdgivet - 8 dec. 2004
NavnWorking Paper / Department of Economics. Copenhagen Business School
Nummer13-2004

Emneord

  • Værdiansættelse-virksomheder
  • Danmark
  • Finansielle nøgletal
  • Aktiekurser
  • Aktiemarkeder

Citer dette

Risager, O. (2004). A Price Earnings Index for the Danish Stock Market. Frederiksberg: Copenhagen Business School, CBS. Working Paper / Department of Economics. Copenhagen Business School, Nr. 13-2004
Risager, Ole. / A Price Earnings Index for the Danish Stock Market. Frederiksberg : Copenhagen Business School, CBS, 2004. (Working Paper / Department of Economics. Copenhagen Business School; Nr. 13-2004).
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Risager, O 2004 'A Price Earnings Index for the Danish Stock Market' Copenhagen Business School, CBS, Frederiksberg.

A Price Earnings Index for the Danish Stock Market. / Risager, Ole.

Frederiksberg : Copenhagen Business School, CBS, 2004.

Publikation: Working paperForskning

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Risager O. A Price Earnings Index for the Danish Stock Market. Frederiksberg: Copenhagen Business School, CBS. 2004 dec 8.