Real s&zP Composite Stock Price Index Real s&P Composite earnings 1600 1400 1200 1000 800 600 400 200 Earnings 1860188019001920194019601980 2000 Stock Prices and Earnings, 1871-2000 Real (inflation-corrected)s&P Composite Stock Price Index, monthly, Janu- ary 1871 through January 2000(upper series), and real S&P Composite earn- ings (lower series), January 1871 to September 1999. Source: Authors calculations using data from S&P Statistical Service: U.S. Bureau of Labor Statistics; Cowles and associates, Common Stock Indexes; and Warren and Pear- son, Gold and Prices ◎北京大学光华管理学院金融系徐信忠2002© 北京大学光华管理学院金融系 徐信忠 2002