2000 40 1929 1901 1966 15 10 5 1860 1880 1900 1920 1940 1960 1980 000 2020 Price-Earnings Ratio, 1881-2000 Price-earnings ratio, monthly, January 1881 to January 2000. Numerator: real Inflation- corrected)s&P Composite Stock Price Index. Denominator: mov. ing average over preceding ten years of real S&P Composite earnings. Years of peaks are indicated ◎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