01651cas a2200241 a 4500 AALejournalIMF007221 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451951981 1018-5941 BD-DhAAL BD-DhAAL Kramer, Charles. Stock-Market Equilibrium and the Dividend Yield / Charles Kramer. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (24 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Can fundamentals account for the recent performance of the U.S. stock market? The price/earnings ratio is out of line with historical averages, and the dividend/price ratio has recently reached a historic low. These developments and record levels of inflows into mutual funds have led some to conclude that stock prices are above their fundamental levels. This paper assesses the recent rise in the stock market using a model for the equilibrium dividend/price ratio. While economic variables can account for most of the recent fall in the dividend/price ratio, mutual-fund inflows still have some marginal explanatory power. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1996/090 Full text available on IMF http://elibrary.imf.org/view/journals/001/1996/090/001.1996.issue-090-en.xml IMF e-Library