Scandinavian Working Papers in Economics
Working Papers,
Copenhagen Business School, Department of Economics
No 03-2001: STOCK RETURNS AND BOND YIELDS IN DENMARK, 1922-99
Steen Nielsen and Ole Risager
Additional contact information
Steen Nielsen: Department of Economics, Copenhagen Business School, Postal: Department of Economics, Copenhagen Business School, Solbjerg Plads 3 C, 5. sal, DK-2000 Frederiksberg, Denmark
Ole Risager: Department of Economics, Copenhagen Business School, Postal: Department of Economics, Copenhagen Business School, Solbjerg Plads 3 C, 5. sal, DK-2000 Frederiksberg, Denmark
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
bonds.
Keywords: Stock market; Bond Yields; Denmark
JEL-codes: G00
36 pages, May 14, 2001
Full text files
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