Indeed, the general rise
in global asset prices since 2009 has been built on easy money provided by many of the world's major central banks.
The U.S. dollar depreciated as investors sought higher returns elsewhere, putting downward pressure on foreign interest rates and upward pressure
on global asset prices and foreign currencies.
Financial markets were resilient despite sharp adjustments in a wide range
of global asset prices in the wake of the vote, and financial conditions are generally more accommodative.
(P42), Campbell Harvey and Wayne Ferson examined, among other things, the relationship between price - to - book value and future returns from
a global asset pricing perspective.