The
local equity market refers to a stock exchange or financial market that deals with the buying and selling of shares in locally based companies.
Full definition
We find that the Shiller - PE is a reliable long - term valuation indicator for developed and emerging markets and we use the indicator to predict real returns
on local equity markets over the next five to ten years.
Klement uses the indicator to predict real returns on
local equity markets over the next five to ten years (shown in Exhibits 11 and 12 extracted below):
Macquarie lead - managed more IPOs than any other investment bank in Australia in 2013 — an even dozen deals, as of December 4 — raising $ 3.4 billion for its clients on
the local equity market.
By far the largest component of that volatility arises from
the local equity market returns themselves.