Scandinavian Working Papers in Economics
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Department of Economics, Copenhagen Business School Working Paper Series, Department of Economics, Copenhagen Business School

No 03-2001:

Steen Nielsen and Ole Risager

Abstract: This paper presents long time series of stock and bond returns for Denmark

from 1922 to 1999. Average stock returns are low in an international context, but

returns (and volatility) have increased sharply since 1983 which may be explained by

major changes in economic policy and liberalizations of capital flows. On the other

hand, Danish bond yields are high in general, and in particular from the late 1960s to

the mid 1980s. Thus, there are several periods in which bonds have given higher

returns than stocks. Over the entire sample, however, equity clearly outperforms


Keywords: Stock market; Bond Yields; Denmark; (follow links to similar papers)

JEL-Codes: G00; (follow links to similar papers)

36 pages, May 14, 2001

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