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| Preface | |
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| 101 years of global investment returns | |
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| Introduction and overview | |
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| Need for an international perspective | |
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| The historical record | |
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| Inside the markets | |
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| The equity premium | |
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| Sixteen countries, one world | |
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| World markets: today and yesterday | |
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| The world's stock markets today | |
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| The world's bond markets today | |
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| Why stock and bond markets matter | |
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| The world's markets yesterday | |
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| The US and UK stock markets: 1900 versus 2000 | |
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| Industry composition: 1900 versus 2000 | |
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| Stock market concentration | |
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| Summary | |
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| Measuring long-term returns | |
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| Good indexes and bad | |
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| Index design: a case study | |
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| Dividends, coverage, and weightings | |
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| Easy-data bias in international indexes | |
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| Measuring inflation and fixed-income returns | |
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| Summary | |
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| International capital market history | |
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| The US record | |
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| The UK record | |
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| Stock market returns around the world | |
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| Equities compared with bonds and bills | |
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| Investment risk and the distribution of annual returns | |
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| Risk, diversification, and market risk | |
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| Risk comparisons across asset classes and countries | |
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| Summary 61 | |
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| Inflation, interest rates, and bill returns | |
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| Inflation in the United States and the United Kingdom | |
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| Inflation around the world | |
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| US treasury bills and real interest rates | |
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| Real interest rates around the world | |
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| Summary | |
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| Bond returns | |
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| US and UK bond returns | |
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| Bond returns around the world | |
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| Bond maturity premia | |
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| Inflation-indexed bonds and the real term premium | |
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| Corporate bonds and the default risk premium | |
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| Summary | |
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| Exchange rates and common-currency returns | |
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| Long-run exchange rate behavior | |
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| The international monetary system | |
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| Long-run purchasing power parity | |
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| Deviations from purchasing power parity | |
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| Volatility of exchange rates | |
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| Common-currency returns on bonds and equities | |
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| Summary | |
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| International investment | |
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| Local market versus currency risk | |
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| A twentieth century world index for equities and bonds | |
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| Ex post benefits from holding the world index | |
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| Correlations between countries | |
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| Prospective gains from international diversification | |
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| Home bias and constraints on international investment | |
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| Summary | |
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| Size effects and seasonality in stock returns | |
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| The size effect in the United States | |
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| The size effect in the United Kingdom | |
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| The size effect around the world | |
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| The reversal of the size premium | |
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| Seasonality and size | |
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| Summary | |
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| Value and growth in stock returns | |
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| Value versus growth in the United States | |
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| Value and growth investing in the United Kingdom | |
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| The international evidence | |
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| Summary | |
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| Equity dividends | |
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| The impact of income | |
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| US and UK dividend growth | |
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| Dividend growth around the world | |
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| Dividend growth, GDP growth, and real equity returns | |
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| Dividend yields around the world and over time | |
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| Disappearing dividends | |
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| Summary | |
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| The equity risk premium | |
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| US risk premia relative to bills | |
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| Worldwide risk premia relative to bills | |
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| US risk premia relative to bonds | |
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| Worldwide risk premia relative to bonds | |
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| Summary | |
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| The prospective risk premium | |
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| Why the risk premium matters | |
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| How big should the risk premium be? | |
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| Measuring the premium | |
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| Arithmetic and geometric premia | |
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| The changing consensus | |
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| History as a guide t | |