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New Zealand Long-Term Equity Returns and Their Determinants

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aut.relation.articlenumber102363
aut.relation.endpage102363
aut.relation.journalPacific-Basin Finance Journal
aut.relation.startpage102363
aut.relation.volume85
dc.contributor.authorMa, Rui
dc.contributor.authorMarshall, Ben R
dc.contributor.authorNguyen, Nhut H
dc.contributor.authorVisaltanachoti, Nuttawat
dc.date.accessioned2025-05-15T23:15:31Z
dc.date.available2025-05-15T23:15:31Z
dc.date.issued2024-04-13
dc.description.abstractWe document several aspects of New Zealand's long-term equity returns over the 156 years from 1867 to 2022. Remaining invested in the market has been an effective strategy. Investors with a 5-year (20-year) horizon lost money just 10% (<1%) of the time in nominal terms. Equities outperformed bonds in periods of moderate and high inflation, although bonds generated superior returns in deflationary periods. Returns over 5- and 10-year horizons can be predicted with a three-component model based on the “Buffett indicator”.
dc.identifier.citationPacific-Basin Finance Journal, ISSN: 0927-538X (Print), Elsevier BV, 85, 102363-102363. doi: 10.1016/j.pacfin.2024.102363
dc.identifier.doi10.1016/j.pacfin.2024.102363
dc.identifier.issn0927-538X
dc.identifier.urihttp://hdl.handle.net/10292/19204
dc.languageen
dc.publisherElsevier BV
dc.relation.urihttps://www.sciencedirect.com/science/article/pii/S0927538X24001148
dc.rightsCopyright © 2024 Elsevier Ltd. All rights reserved. This is the author’s version of a work that was accepted for publication in (see Citation). Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. The definitive version was published in (see Citation). The original publication is available at (see Publisher's Version).
dc.rights.accessrightsOpenAccess
dc.subject3502 Banking, Finance and Investment
dc.subject35 Commerce, Management, Tourism and Services
dc.subject1501 Accounting, Auditing and Accountability
dc.subject1502 Banking, Finance and Investment
dc.subjectFinance
dc.subject3502 Banking, finance and investment
dc.titleNew Zealand Long-Term Equity Returns and Their Determinants
dc.typeJournal Article
pubs.elements-id546566

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