Table 7: The results of the estimations of the predictive regression for different subperiods. The values of the estimated coefficients are given in brackets. Bold text indicates coefficients that are statistically significant at the 5% level.

Period Adjusted

1928–2011 0.61 (0.00) 1.80 (0.00) 0.22 (0.00) 1.82 (0.02) 0.16 (0.00) 0.155
1928–1969 0.59 (0.00) 2.40 (0.00) 0.19 (0.00) 1.52 (0.17) 0.21 (0.00) 0.216
1970–2011 0.58 (0.00) 1.19 (0.04) 0.25 (0.00) 2.13 (0.05) 0.09 (0.23) 0.081