1. © K. Cuthbertson and D. Nitzsche Figures for Chapter 12 Stock Prices : The VAR Approach (Quantitative Financial Economics)

2. © K. Cuthbertson and D. Nitzsche Theoretical dividend-price ratio,  ’ Actual dividend-price ratio Figure 1 : Actual and “theoretical” Dividend-Price Ratio - Constant Returns Model (UK Data 1921 – 1993)

3. © K. Cuthbertson and D. Nitzsche Actual dividend-price ratio Theoretical dividend-price ratio,  ’ Figure 2 : Actual and “theoretical” Dividend-Price Ratio - CAPM Volatility Model,  = 2.5 (UK Data 1921 – 1993)