Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks

Hendrik Bessembinder, Te Feng Chen, Goeun Choi, K. C.John Wei

Research output: Contribution to journalArticlepeer-review


We study long-run shareholder outcomes for more than 64,000 global common stocks during the January 1990 to December 2020 period. The majority, 55.2% of U.S. stocks and 57.4% of non-U.S. stocks, underperform one-month U.S. Treasury bills in terms of compound returns over the full sample. Focusing on aggregate shareholder outcomes, we find that the top-performing 2.4% of firms account for all of the $US 75.7 trillion in net global stock market wealth creation from 1990 to December 2020. Outside the United States, 1.41% of firms account for the $US 30.7 trillion in net wealth creation.

Original languageEnglish (US)
JournalFinancial Analysts Journal
StateAccepted/In press - 2023
Externally publishedYes


  • compound returns
  • long-term returns
  • return skewness
  • stock investing and shareholder wealth

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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