Mika Vaihekoski's paper published as a Discussion Paper by the Bank of Finland
Paper “Descriptive analysis of the Finnish stock market: Part II” by Peter Nyberg (Aalto University School of Business) and Mika Vaihekoski has been published in the Bank of Finland Discussion Paper series (number 10/2014).
Abstract
This paper continues the data collection procedure and analysis set forth in Nyberg and Vaihekoski (2009). A number of new time series that are commonly used in finance literature are collected, created, and analyzed for the first time. These series include, among others, monthly dividend yields and market capitalization values. The series are also compared with GDP to evaluate the overall role of the stock market in the Finnish economy. The value-weighted average dividend yield from 1912 to 1988 is 4.98%. The average stock market capitalization to GDP ratio is found to be 15.14%.