2026-04-18T05:51:32Zhttps://recercat.cat/oai/request

oai:recercat.cat:10230/531362025-12-22T13:30:45Zcom_2072_6col_2072_452952

urn:hdl:10230/53136 The big bang: stock market capitalization in the long run Kuvshinov, Dmitry Zimmermann, Kaspar Stock market capitalization Equity issuance Corporate profits Wealth-to-income ratios Long-run trends Supplemental material file: online appendix We study trends and drivers of long-run stock market growth in 17 advanced economies. Between 1870 and the 1980s, stock market capitalization grew in line with GDP. But over subsequent decades, an unprecedented expansion saw market cap to GDP ratios triple and remain persistently high. While most historical stock market growth was driven by issuances, this recent expansion was fueled by rising equity prices. We show that the key driver of this structural break was a profit shift towards listed firms, with listed firm profit shares in both GDP and capital income doubling to reach their highest levels in 146 years. This work was supported by the German Federal Research Ministry (BMBF) grant number 01UF1505. 2022-05-18T09:26:03Z 2022-05-18T09:26:03Z 2022 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Journal of Financial Economics. 2022 Aug;145(2 Pt B):527-52 © 2021 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess Elsevier