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Cited by 339

The DOI matches its Crossref record; 30 of the 30 references it cites were found in a registry or an index.

The Decline of Inflation and the Bull Market of 1982-1999

Ritter, Jay R., Warr, Richard S.·2002·The Journal of Financial and Quantitative Analysis
DOI 10.2307/3594994
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Abstract

If stocks were severely undervalued in the late 1970s and early 1980s, then the bull market starting in 1982 was partly just a correction to more normal valuation levels. This paper tests the hypothesis that investors suffer from inflation illusion, resulting in the undervaluation of equities in the presence of inflation, with levered firms being undervalued the most. Using firm level data and a residual income/EVA model, we find evidence that errors in the valuation of levered firms during inflationary times result in depressed stock prices. Our misvaluation measure can be used with expected inflation to make statistically reliable predictions for real returns on the Dow during the subsequent year. Our model suggests that stocks were overvalued at the end of the 1990s.

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Metadata

Authors
Ritter, J. R., & Warr, R. S.
Venue
The Journal of Financial and Quantitative Analysis
Publisher
JSTOR
Published
2002-03
Volume
37
Issue
1
Pages
29
ISSN
0022-1090 (ISSN-L)
DOI
10.2307/3594994
OpenAlex
W2133049119
Cited by
339
References
30
FWCI
29.51
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: The Decline of Inflation and the Bull Market of 1982-1999. https://app.cochat.ai/papers/10.2307/3594994
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Ritter, J. R., & Warr, R. S. (2002). The Decline of Inflation and the Bull Market of 1982-1999. The Journal of Financial and Quantitative Analysis. https://doi.org/10.2307/3594994

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.