Research Discussion Papers, Bank of Finland
No 14/2011:
Descriptive analysis of Finnish equity, bond and money market returns
Peter Nyberg ()
and Mika Vaihekoski ()
Abstract: This paper gathers the longest available historical
monthly return series for the Finnish equity, bond and money markets as
well as inflation. The series are analysed to calculate the statistical
characteristics of the returns investors would have received in these
markets. We also survey existing literature concerning the history of these
markets and review the main developments to facilitate future research on
the long-term development of the Finnish markets. Using a new total return
stock market index for Finland in an approach similar to Mehra and Prescott
(2003), we find the equity premium for Finland to be 10.14 per cent from
1913 to 2009.
Keywords: equity market; bond market; money market; risk premium; Finland; Helsinki Stock Exchange; performance; (follow links to similar papers)
JEL-Codes: G10; G11; N24; (follow links to similar papers)
63 pages, May 26, 2011
Before downloading any of the electronic versions below
you should read our statement on
copyright.
Download GhostScript
for viewing Postscript files and the
Acrobat Reader for viewing and printing pdf files.
Full text versions of the paper:
BoF_DP_1114.pdf 
Download Statistics
Questions (including download problems) about the papers in this series should be directed to Minna Nyman ()
Report other problems with accessing this service to Sune Karlsson ()
or Helena Lundin ().
Programing by
Design by Joachim Ekebom
