Financial Analysts Journal· Edward F. McQuarrie Edward F. McQuarrie is a Professor Emeritus, Leavey School of Business, Santa Clara University, Santa Clara, California.·· 2026-06-22AI Score25
The Equity Premium Theory at Its Inception: Why E. L. Smith Failed to Perceive the Negative Impact of Deflation
When the Equity Premium Was New: How the Baleful Impact of Deflation Eluded E. L. Smith
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Published in the Financial Analysts Journal, Vol. 82, No. 3, Q3 2026, pp. 43-58. This article explores the early development of equity premium theory, focusing on why E. L. Smith failed to perceive the negative impact of deflation.
Source:Financial Analysts Journal · tandfonline.com