Banking Dividends Price to Book Risk Premium 
Musings on Markets
JANUARY 19, 2022
When you augment this price change with the dividends on the index during 2021, the total return on the S&P 500 for 2021 was 28.47%. The results are similar if you break stocks down based upon price to book ratios or revenue growth rates.
Musings on Markets
JANUARY 9, 2021
Consider, for instance, an investor who picks stocks based upon price to book ratios, who finds a stock trading at a price to book ratio of 1.5. In the same dataset where I compute historical equity risk premiums, I report historical returns on corporate bonds in two ratings classes (Moody’s Aaa and Baa ratings).
Musings on Markets
JULY 17, 2023
Exacerbating the pain, corporate default spreads rose during the course of 2022: While default spreads rose across ratings classes, the rise was much more pronounced for the lowest ratings classes, part of a bigger story about risk capital that spilled across markets and asset classes.
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