Faculty News
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In an op-ed, Prof. Michael Spence outlines factors influencing stock valuations
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![Project Syndicate logo Project Syndicate logo](/sites/default/files/styles/192w_x_144h/public/assets/images/con_030500.jpg?h=cd55d432&itok=GSeYxZwf)
Excerpt from Project Syndicate -- "In my view, it is difficult to make a strong case for a significant sustained increase in earnings growth in this environment, meaning that growth alone would not justify current equity valuations. But the lower-discount-rate argument is more persuasive, and is consistent with underlying economic conditions and central banks’ mandates."
Faculty News
—
![Project Syndicate logo Project Syndicate logo](/sites/default/files/styles/192w_x_144h/public/assets/images/con_030500.jpg?h=cd55d432&itok=GSeYxZwf)
Excerpt from Project Syndicate -- "In my view, it is difficult to make a strong case for a significant sustained increase in earnings growth in this environment, meaning that growth alone would not justify current equity valuations. But the lower-discount-rate argument is more persuasive, and is consistent with underlying economic conditions and central banks’ mandates."