Greenwald, Daniel L. <br/><br/>
How the Wealth Was Won:  Factors Shares as Market Fundamentals / 
Daniel L. Greenwald, Martin Lettau, Sydney C. Ludvigson. 
 - Cambridge, Mass.  National Bureau of Economic Research  2019. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w25769 .
 - Working Paper Series (National Bureau of Economic Research)  no. w25769. .
<br/><br/> April 2019. 
<br/><br/> Why do stocks rise and fall? From 1989 to 2017, $34 trillion of real equity wealth (2017:Q4 dollars) was created by the U.S. corporate sector. We estimate that 44% of this increase was attributable to a reallocation of rewards to shareholders in a decelerating economy, primarily at the expense of labor compensation. Economic growth accounted for just 25%, followed by a lower risk price (18%), and lower interest rates (14%). The period 1952 to 1988 experienced less than one third of the growth in market equity, but economic growth accounted for more than 100% of it. 
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