The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VIII. Scientific Research and Invention

Collection:: Economics Books

Scientific Research and Invention 141 as the insiders, who have carefully weighed and measured the future prospects, and who have bought the stock when the current earnings were near zero, making a price-earnings ratio of even over 100 to I for the time being. That is what happens when- ever one ‘‘gets in on the ground floor.” The more recent the invention, the higher the ratio of price to- earnings is apt to be, because in its early stages the earnings have not had time to develop. It follows that the larger the number of stocks representing new inventions in the price index, as compared with the number of stocks of the ordinary variety, the higher the price-earnings ratio of the whole group. It further follows that today, with so many more of these new-invention companies listed on the stock exchange, the price-earnings ratio should be higher than formerly. With the increased application of research, American investors are jus- tified in greater expectations of future dividends.

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