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Primary Article

Do Stocks Really Provide the Highest Return in the Long Run?

Ahmet Baytas and Nusret Cakici
The Journal of Investing Fall 1999, 8 (3) 89-96; DOI: https://doi.org/10.3905/joi.1999.319372
Ahmet Baytas
An associate professor of economics and finance at Montclair State University. He holds an M.S. from the University of Illinois at Urbana-Champaign and a Ph.D. from the Graduate Center of CUNY. His recent research focuses on financial markets.
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Nusret Cakici
An associate professor of finance at City College and the Graduate Center of the City University of New York. He obtained the Ph.D. in finance from Baruch College of the CUNY in 1989. Before joining the faculty at the CUNY, he taught at Rutgers University and Odense University in Denmark. His main research interest is derivatives and international finance.
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Abstract

It is generally believed that in the long-run, stock markets outperform markets for other securities. By and large, this belief in the long-term profitability of equity investment is based on historical experience, especially in the U.S. An interesting, and potentially important, question then involves how universal this experience has been, at least among other major industrial economies. This paper examines the return over 18 years to stock, bond, and convertible bond market portfolios in Japan. It shows that contrary to what one might have expected, and based on risk-adjusted as well as risk-unadjusted measures of performance, the stock market returns have been much poorer than the returns to market portfolios of bonds and convertible bonds.

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The Journal of Investing
Vol. 8, Issue 3
Fall 1999
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Do Stocks Really Provide the Highest Return in the Long Run?
Ahmet Baytas, Nusret Cakici
The Journal of Investing Aug 1999, 8 (3) 89-96; DOI: 10.3905/joi.1999.319372

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Do Stocks Really Provide the Highest Return in the Long Run?
Ahmet Baytas, Nusret Cakici
The Journal of Investing Aug 1999, 8 (3) 89-96; DOI: 10.3905/joi.1999.319372
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