IDEAS home Printed from https://ideas.repec.org/p/hal/journl/halshs-00276869.html
   My bibliography  Save this paper

La rentabilité réelle des actifs boursiers de 1950 à 1992

Author

Listed:
  • P. Arbulu
  • Georges Gallais-Hamonno

    (IOF - Institut Orléanais de Finance - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

Abstract

[eng] The Actual Return on Stock Market Investments from 1950 to 1992 . The actual return on equity investments over the forty-three year period from 1950 to 1992 is evaluated by transforming the stock market indices into portfolios. The study presented here uses a new methodology for bond portfolios and is based on the strong hypothesis of reinvested annual income. Two results confirm the findings of previous studies: gold has provided a mediocre return while shares have again proved to be the highest performing investment over a long period of time. However, for the first time since 1914, bond investments have maintained the purchasing power of the savings invested. . Listed securities therefore emerge as profitable although the earnings on them are erratic, or risky, due to sometimes severe stock market fluctuations. There is no alternative to this risk-return link. The only strategy is patience. The longer the investment is held, the more price volatility is smoothed and moves towards the lowest fluctuation rate, which nevertheless remains high at 15% for shares and 4% for bonds. [fre] La rentabilité réelle des actifs boursiers de 1950 à 1992 . La rentabilité réelle des placements entre 1 950 et 1 992, soit sur une période longue de quarante-trois ans, est évaluée en transformant les indices boursiers en portefeuilles. Les travaux présentés ici, basés sur une méthodologie nouvelle pour le portefeuille obligataire, sont réalisés sous l'hypothèse forte du réinvestissement du revenu annuel. Deux résultats confirment ceux des études antérieures : l'or a eu une rentabilité médiocre, alors que les actions s'avèrent, une fois de plus, le placement le plus performant sur le long terme. Par contre, pour la première fois depuis 1914, le placement obligataire a préservé le pouvoir d'achat de l'épargne investie. . Ainsi, d'une part, les actifs cotés se révèlent rémunérateurs, d'autre part, leurs résultats sont aléatoires ou risqués car les fluctuations boursières sont parfo
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • P. Arbulu & Georges Gallais-Hamonno, 1995. "La rentabilité réelle des actifs boursiers de 1950 à 1992," Post-Print halshs-00276869, HAL.
    • Handle: RePEc:hal:journl:halshs-00276869
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Georges Gallais-Hamonno, 1995. "Sicav et fonds communs de placements, les OPCVM en France," Post-Print halshs-00276794, HAL.
    2. J. Berthon & Georges Gallais-Hamonno, 1994. "Les options négociables," Post-Print halshs-00276801, HAL.
    3. Robert Fabre, 1981. "Les placements en obligations, en actions et en or," Économie et Statistique, Programme National Persée, vol. 133(1), pages 45-55.
    4. Pierre Laforest, 1969. "Le pouvoir d'achat des actions, des obligations et de l'or," Économie et Statistique, Programme National Persée, vol. 3(1), pages 3-11.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Thi Hong Van Hoang, 2012. "Has gold been a hedge against inflation in France from 1949 to 2011? Empirical evidence of the French specificity," Working Papers 12-05, Association Française de Cliométrie (AFC).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Amir Rezaee, 2006. "La mesure de performance de la gestion indicielle française," Working Papers halshs-00008393, HAL.
    2. Raphaëlle Bellando, 2008. "Le conflit d'agence dans la gestion déléguée de portefeuille : une revue de littérature," Revue d'économie politique, Dalloz, vol. 118(3), pages 317-339.
    3. Pierre Laforest & Philippe Sallée, 1977. "Le pouvoir d'achat des obligations, des actions et de l'or de 1914 à 1976," Économie et Statistique, Programme National Persée, vol. 86(1), pages 61-67.
    4. Antoine Coutière & Fabrice Hatem & Patrice Mantz & Christian Pontagnier, 1981. "La concentration du patrimoine des foyers," Économie et Statistique, Programme National Persée, vol. 137(1), pages 35-52.
    5. André Masson & André Babeau & Dominique Strauss-Kahn, 1974. "Le patrimoine des salariés et inactifs de 1949 à 1967," Revue Économique, Programme National Persée, vol. 25(4), pages 611-634.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-00276869. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.