LITERATURE REVIEW

The current written agreement on the theory of the "big blow" in Rajan and Zengalis (2003):

stagnated sometime between 1913 and 1980 and regained its importance. The explanation for

this pattern is the change in the number of registered shares, which will ultimately be the driving

force, as well as the institutions and aspirations of political economy (La Porta, Lópezde Silanes,

Schleifer, 1997, Vishni, 2003, Rajan and Zengalis) Underlying data for this agreement are also

slightly lower: current long-term market capitalization measurements are limited by selected

criteria over several years, but information about what happens in the media is available. Very

little time This document contains a comprehensive annual compilation of data on the long-term

development of the data Capitalization in Developed Countries Expanded to 17 Countries

Between 1870 and 2016 Many of these sources, which are composed of a multitude of historical

and arbitrary historical sources, are no longer used in addition to the comprehensive

documentation included in the data annex erwendet. The contract provides expert stock market

advances over the last 145 years, funding and other assets to review the capital structure. Our

document uses this data to make two more promises. First, review the key patterns and examples

of market capitalization data and record the full example of the stock market with a long-term

appreciation of the stock market. Collect capitalization data, including additional information on

the reduction rates of Nol, Kofchinov, Schulik, and Taylor (2019a) First, the stock market

valuation seems to be a hockey stick after a while. At some point in the 1870s and 1985s, the

ratio between stock market value and GDP reached about 33%. In the nineties, it was a fast,

enduring and historically impressive magnitude: the "mass explosion" brings the current market

value to a historic level that is about one to three times GDP. Second, the temporal change in

stock market valuation is usually determined by the change in cost rather than by amount: large-
scale continuous explosions are of strong and unstoppable value and historically, for the best

market. Fluctuations generally follow the stock-index. Third, most movements in stock market

valuations are due to the frequent and general development of the capital risk premium and the

continuing explosion on a large scale has continued to fall sharply. Moreover, a higher ratio to

the market's GDP predicts future stock returns and surpasses the ratio between standard measures

such as the value of earnings and the sharp rise in the stock market to provide many qualities in

the bubble. In the stock market. This does not refer to political standards or economic

productivity, but suggests that the market value of the stock market is seen as a "mixed index"

that is hungry for investor opportunities. The implications of our results cover a wide range of

financial structure and stock market improvement. The stock market forms an important part of

the wealth of the nation, which generally belongs to the rich. The search for registered values can

therefore be considered as a research center to understand the broader pattern of income versus

income and unequal wealth that is the subject of constant debate.

Our results suggest that these patterns may be triggered by changes in asset performance and

valuation rather than cumulative capital accumulation and labor income development. Calvet,

Sodini (2016), Cone, (2017). In fact, the further increase in market value in the context of mass

bombing points to a turning point, which reflects the pattern of rising wealth and inequality in

the country. The importance of different risk times in capitalization payments and the

considerations derived from the description of the valuation of assets may help to explain the

large financial patterns in terms of the dimension and diversification of the total assets. The way

in which market value predicts future returns on equities suggests that asset fluctuations can have

a significant impact on the cost and risk of assets. This reflects the earlier results of Lettau and
Ludvigson (2002). About the old effects of the asset index. These and other related findings are

divided into four sections. First, we'll talk about the evolution of the market capitalization of

countries and times that stock markets offer. The big hockey explosion design is a powerful data

element. The continuous development of the best stock markets in all countries is correct in our

example. The stock market is more than what we saw in the 1980s. At the national level, the

market value shows some consistency with the Sharia standard and initial capitalization. Long-

term exercises will further validate the global importance of the US stock market. UU At the

expense of England and France: The three countries thank for almost the same supply in the

world market in the mid-20th century, but since the market is about 70% of the value, the United

States clearly dominates. Absolute market from 17 countries. In the second part of this

document, we will examine whether the movements at the top of the stock market are determined

primarily by cost or value. Using the approach of Piketty and Zucman (2014) to analyze changes

in asset-asset relationships, to analyze changes in capital gains, GDP growth rates, and the

largest relationship between market and GDP in net capital issuance, they used Income for

Purpose of saving and value. You can see that net issuance of equities is important (about 4% of

market value or 1% of GDP), but assuming that short, medium and long term volatility has no

function, it will be stable after a while They are terms at the top of the stock market. On the other

hand, most of the repetitive and complementary capitalization fluctuations are represented by the

performance of the stocks. If the stock price has been consistent with the past average since

1985, this suggests that there will not be a major explosion. We believe the network, despite all

expectations, will be on average for its massive explosions, and the stock market performance

closely follows the actual data being monitored. Therefore, it has nothing to do with changes in

the capital markets, financial development or the rapid expansion of physical groupings of
business behavior. On the contrary, it is a large increase in inventory costs that occurred at times

comparable to those of the respective economies paid. The third part of this paper discusses the

factors that support the increase in storage costs for large explosions. As the business valuation

ultimately equals the sum of future gross receipts after shipping, higher incentive awards,

reduced reduction rates or reduced rates may be supplemented by additional increases. Evaluate

the perceived engagement of each of these engines by examining the relationship between the

time to postpone these three measurements and the additional repetitive developments at the top

of the market.

The structural increase in stock prices in the 1990s was due to a combination of high dividend

income for investors and higher or lower discount rates for the main returns. Total dividend

payments increased from 1% of GDP in 1985 to 2.5% in 2015, while the dividend rate, which is

the average dividend rate, declined from a fixed average. Together, with 4.5% to less than 3%,

these two developments can make up almost the entire big explosion. 1 On the other hand,

taxation in general is only the meaning of the second claim. Corporate and income positions

declined in the 1980s and today, but their quota remained much higher than in the first half of the

20th century, when the market value of the stock market was close to its historic average. These

results are confirmed by the fact that nationwide relapses have occurred. GDP-related dividends

and dividend quotas are clearly linked to the capitalization of the market supply in different and

past periods, but cost fluctuations are not. What is the basic pattern of cash flow and reduction

rates? Part of the increase in cash flow can be evidenced by observable market controls and thus

the profitability of large companies, which are generally recognized. The reduction may be

reduced due to a lower margin of security or a lower equity risk premium. Despite the steady

decline, the safety values are now approaching the medium and long-term side, but the market
value is not. This suggests most of the continued decline in the discount rate due to the low risk

structure of equity, such as the growing interest of investors in riskier asset classes, such as the

decline in macroeconomic risk 8). The last part of this document, which is up-to-date, shows that

the relationship between risk premium and market capitalization is largely related to the long-

term structural pattern described above. The ratio between market share and GDP is the largest

part of the period in which the stock market risk premium fluctuates. High market value predicts

low stock returns and low cash flow, not high cash flow. It is true that the best market

performance as a measure of the return on capital is well above the price-earnings ratio. We

show that this dominant exhibition is guided by two elements. First, GDP makes up most of the

company's basic dividend principles. For example, it is less affected by changes in the profit-

sharing arrangements. The second reason is that capitalization is a high measure because it

contains information about the amount of money, such as the price, and likely to change the time

of the components, such as investor confidence. Support for 2 data loans in both cases. In

general, the share of GDP suggests that it will complete a larger vehicle in forecasting the return

on the share of revenue. The second company shows that the net version predicts future profits,

even though it controls the current cost-benefit ratio. The review also shows that the sharp rise in

stock market value has many features in common with the stock market bubble. Risk from stock

market collapse. These results are related to the parallel alignment and satisfaction of stock

market transactions and subsequent events in the United States.

Our results underscore the importance of the Smorgasbord access consistency index. Our work is

defined by the three branches of the current letter. The first attempt is to inform about the

development of stock market measurement. There, most of the specific time weighting is due to
the cross-market movements of wealthy financial institutions and trading in equities. Recently,

however, archaeologists have comprehensively and gradually assessed the market value of

individual states. For transnational data, Goldsmith (1985) and Piketty and Zucman (2014)

produced Rajan and Zingales (2003), an assessment of national assets including registry values.

The period covered by this audit is limited by the base year selected. , Our document is the first

to capture annual market capitalization data from the international long-term market. This search

is complemented by extensive data attachments, including careful explanations of quality tests

and their relationship to other capitalization criteria. The second group tries to understand the

size of the stock market and the driving force of equity wealth. Atje and Jovanovic (1993),

Levine and Zervos (1996), La Porta et al. (1997) and Musacchio (2010) attempted to link the

market value of equities to financial performance and stock issuance and to link market

performance to Sharia's standards and favorable regulation. On the other hand, other innovators

focus on stock price fluctuations. McGrattan and Prescott (2005) show that corporate assets of

US companies continue to grow to reduce corporate fees, emphasizing De Loecker and Eeckhout

(2017). Values We have also shown that the importance of changing the assessment lies beyond

the current US data. Most of these advances can be deduced from various risk factors. In the

third sentence we maintain the importance of the risk premium difference and the risk premium

value by reversing the symmetry of the return.

 DISCUSSION

In addition, in addition to Rangvid (2006), numerous voluntary earnings forecasts were

examined in which Lettau and Ludvigson (2002) document the old effects of user relationships.

Priestley (2008). End of Becker Wörger (2000) issue of shares. Most of the market has shown

that GDP is ready to overcome the rate of price increase, as it has acquired some of the

additional information resources for forecasting these options. The way in which the majority of

dominant power results from the use of quantities such as GDP and prices instead of profits

shows the importance of the components, e.g. Eg the uniformity of the dividend (Chen, Da,

Priestley, 2012). Wurgler, 2000) for accurate and consistent communication. Today's stock

market is bigger than ever in recent history. If so, that does not mean that financial markets are

increasingly emerging. Instead, this suggests that stock valuations are unusually high as this is

the best part of the past 30 years. These high ratings may include positive news about the

company's future profitability and low-risk aspects. However, our research suggests that stock

market conditions are a downside. The increase in valuation is mainly due to the low capital risk.

This will usually fluctuate slowly after some time, which can lead to rapid returns and significant

price and price fluctuations. Capital and prosperity of the family unit. Indeed, the structural

increase in market value during large-scale blasting has led to increased volatility, for example,

structural flooding above the 1980 structural average and a major flood at the top of the market.

Attached to

Historical stock market capitalization

This paper presents further data on the earlier size of the stock market in the younger economy.

This data consists of annual market capitalization measurements in 17 countries from 1870 until
today. The countries included are Australia, Belgium, Canada, Denmark, Finland, France,

Germany, Italy, Japan, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, the United

Kingdom and the United States. Our data measures absolute market estimates for each regular

offering of a listed domestic organization until the end of each calendar year. We use a wide

range of fundamental sources and support to develop the order of data, and use many of these

new and previously unused sources. Support sources include financial reports, research reports,

stock market distributions, statistics agencies, central banks and stock exchange agencies. If you

do not have access to a reliable source of funding, add general market estimates for individual

stocks, using stock price data, the number of offers, and capital incentives registered on

securities and stock exchanges. Create a capitalization. Brochures and stock exchanges.

Distributed Records Most of this data from important sources has been organized recently

through visits to exchanges between different countries, central banks and national libraries, but

more information has been sent by other researchers. The Company has prepared most of the

annual capitalization measures but, in the event of inaccessibility, captures the market

capitalization data of the years measured and uses the change in equity and the quoted price of

the listed company. The annual contract is concluded. The extensive data in Tables D.1-D.17 and

D.1-D.17 provide details of the sources used in each country. In addition, the current expression

differs from other evaluations. Measurement of stock prices, profits and dividends of Jorda,

Knoll, Kuvshinov, Schularick, Taylor (2019a) and Kuvshinov (2019), data on tariffs, data on

tariffs, for a detailed discussion and consistency of sections 4-6, Piketty and Zucman corporate

profits including the wording of (2014). The main test for the mark-to-market index of building

materials is to obtain an appropriate listing of each regular offer registered for a housing stock

issued by a housing company. This means that primarily only regular offers, preferred offers and
other listed securities such as trends and bonds are taken into account (Hannah, 2018, Bolsa de

Bolsa Discussion of these issues in the data of Earlier London Values). Some of the earlier

statistical evaluations show these unlisted and registered Equity debt values, summarized or at

any time. Therefore, our valuation should be consistent with the standard offer only if we have to

create our standard year standard or if we need to use stock market data and search distributions

to distinguish this distinction. I guarantee. The second test is that the capitalization scale should

include all securities listed on all domestic listed exchanges, excluding cross listings. As far as

possible, publish, as in the case of the German stock market before the First World War, all

major stock exchanges in the country and, if important, data to create your own partial data

valuation. It is not always possible, however, to provide information about the market

capitalization of smaller stock markets , especially the stock exchanges after the benchmark. In

most countries in this example, the stock market is in its core phase in many countries at the end

of the 19th century, and smaller exchanges are less likely to be excluded, as there is a lot of

value. They were traded mainly in small markets. It is often listed on major stock exchanges.

Preparing for the first US data, several large bags and an effective management market is good.

The United States and some other countries rely on annual standard valuations to broker

domestic exchanges and control key markets. The third test is determined with the exception of

the external behavior. For most of our evaluations, the external action proposal is either

estimated (for example, with continuous data) or small (for most mid-20th century data), so the

assessment is problematic. This is very important. Importance of international exchange in the

middle of the 20th century. Especially the London Stock Exchange. We rely on a combination of

option sources and need a valuation to adjust the market value of the stock so that the residual
trend is lower and this trend undoubtedly easily translates the market value of the stock. In the

financial concentration of countries in the mid-20th century. The data enhancement involves

discussions at various times to validate the quality and compare it with other standardization

criteria. After all, our data complies with the specific rules of each country created by

archaeologists and financial analysts. In Goldsmith's (1985) estimates, our valuation is generally

based on your country's assets, as Goldsmith's (1985) valuation often includes unquoted stocks

and bids. Based on the data of the report. Our rating is a little higher, and occasionally depends

on the qualifications of Rajan and Zengalis (2003), as well as the country and time period. For

example, the valuation of the market value of the US market. In the mid-20th century, higher

than Rajan and Zingales estimates (2003), but the British rating is lower as regards the response

of Rajan and Zengalis (2003), which Sylla (2006) has addressed. The purpose is controls and

interactions between regions, rejection of external values and offers etc. Our dataset contains up-

to-date market capitalization information and two key indicators. First, the assessment went

beyond the years of performance measurement, which allowed us to observe common patterns. It

has made it clearly distinguishable from the explicit values of the last year. Binding frame. In

addition to share price data and other financial factors, this translates into a worsening of market

price changes in price and volume, and is increasingly seen as a key motivation for measuring

stock markets. Annual data was indispensable in Sections 3 to 6 of the Directive. Second, our

assessment is based on the modernization of data from high-quality data sources, which are in

contradiction to previous studies covering a period from the 19th to the 21st century. Consistent

definition of the most important markets. The next four parts provide some certainty and new

results from this new data.

Cash flows

In the long run, cash flows from CFT shares must be linked to the addition of dividends

distributed. The left panel in Figure 10 shows the transition of the profit premium of listed

companies to GDP10. The big bang coincided with a structural increase of 2.5 times. 1% to 2.5%

of GDP in 1985 and 2015. This significant increase in gross domestic product (GDP) was almost

obvious due to the significant private sector in the United States. The relationship between profit

and GDP is also a positive step, which is shared with the market peaks in recent periods.

However, the recognized revenue premium is an imperfect vehicle for the present value of

expected future cash flows for case 6. Changes in annual revenue may be caused by changes in

the company's payment arrangements. Or replacement between current and future payment

terms. Monitoring the overall profitability of the business is a great way to examine the patterns

underlying the future of expected cash flows. The graph on the right side of Figure 10 shows the

total private sector profit before shipping versus the net profit of 11. Unlike dividends, the

overall profit structure is less clear. A surprisingly small increase, which is surprisingly stable.

Many possible explanations will help you understand the pattern of differences between profit

premium and business profitability. First, the revenue figure in Figure 10 does not represent a

change in 'factor-free revenue' which may limit the increase in financial profit. Especially the

construction. Eggertsson, Robbins and Wold (2018) show that corporate profits and non-factorial

gains have increased significantly in the United States in recent decades. In any case,

Karabarbounis and Niman (2018) have argued that most of this income increase does not include

the low risk premium factor. From the income. In the basic explanation for Figure 10, the

increase in Figure 10 applies only to registered companies. However, the sales data refer to both
listed and unlisted companies. When a large listed company gains control of the market, etc., the

profits of the listed company are developed at the expense of the unlisted company, so that part

of the dividend increase may be due to a design step. Appendix B3 shows that corporate profits

in the United States have actually become faster than those of companies that are not listed on a

stock exchange in the current contract process. Third, companies in developed countries have

announced that they will increase their external sales to a greater extent in order to lower the

company rating. These external profits lose income data in developed countries. Finally,

dividend payments can have a significant impact on changes in payment methods and have no

impact on expected future profits or cash flows.

Taxes

As the reduction in taxes increases the cash flow generated by investors, this should result in a

higher value for Pt, even if the CFT does not change. For example, McGrattan and Prescott

(2005) argue that many of the continued increases in equity valuations in the United States are

due to changes in corporate tax law. Corporate corporate cash flows are heavily taxed at two

levels. The trade tax is first of all linked to the profit, and the next recognized tax or dividend on

capital gains is taxed as income. For example, the profit tax applies only once, as some

allocations are made for double taxation. In any case, we believe that this is in line with the two

types of taxes levied and the historical patterns that have been compared. Figure 11 consists of

the two levels of taxation above, as it shows the long-term transition from corporate tax (left

license plate) and highest per capita income (right license plate) at the crossroads of the country.

The corporation tax assesses the reason before the cash flow is announced. Higher income taxes

serve only as strict intermediaries for the distribution of dividends and the taxation of capital
gains, but in general family businesses have the highest share of income and wealth distribution.

To demand taxes, these are usually dependent on the rent, a marginal tax rate that can be

imagined about the profit distribution. Income tax data is presented on average by Roine and

Waldenstrom (2012) and Piketty (2014) in seven countries: Canada, France, Germany, Italy,

Japan, United Kingdom and the United States. Corporate tax data is based on a subset of less

than four.

Contribution of different Drivers

The long-term evidence in Figures 10, 11 and 12 shows that the big explosion is due to the

combination of stock market fundamentals that are performing well over time and the returns on

previous bets on the risks demanded by investors. They are capital. We are experiencing a

dramatic recession across the country to measure the relative contributions of potential drivers.

Table 3 summarizes the highest proportions of GDP in GDP, the rate of return, the real interest

rate and the dividend on corporation tax. To capture structural patterns, we examine the

relationship between levels and changes that occur over an average period (five years) and a long

period (ten years). The peak of the stock market is closely linked to changes in discount rates and

cash flows that match the long-term trends of 15 and 10, respectively. Despite all expectations,

the market leaders are not related to current or future corporate income tax and real interest rates.

At the same time, the ratio of profit to GDP should rise by 1 point at the top of the market by

about 20 to 25 points over GDP, which corresponds to an average dividend payout ratio of about

30. In our example. The top of the market, however, shows the most common move along with

the future earnings bonus. The return on points is forecast at higher market points of 7 to 10

points. The lack of financial relations is relatively strong. For example, various details apply to
corporate income tax and the effective rate of corporation tax (for example, all taxes paid as

corporation tax). A brief negative correlation between taxation and capitalization in some

countries when the low tax rate and low market level fall, except in the mid-20th century,

because we have been shinging this example since the period since 1985. The relationship is

seen. The effect is still relatively helpless. Table B (2) shows that using inflation rate

assumptions instead of the perceived inflation rate to get a higher average of risk rates in the past

is somewhat more rigid between protected interest rates and higher market prices. It shows that it

becomes a relationship. , However, the redistribution factor of the payout ratio is at the same

stage.