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The European Association for Banking and Financial History (eabh) e.V.

lunch hour

The rate of return on everything

Asset returns: a long term perspective

4 Nov 2016 at 12:00pm

Frankfurt am Main, Germany

eabh in cooperation with Allianz Global Investors

This talk will be the premiere presentation of Moritz Schularick’s (Professor at University of Bonn)  recent study on the development of all asset returns during the 20th century in all industrial countries. In view of the current extremely low interest rates, his view on historical episodes with extraordinary low nominal and real interest rates promises interesting insights.

The underlying research: ‘The rate of return on everything, 1870-2015’ is based on a comparative study of returns on bonds, equities and housing for 17 countries. The results offer – for the first time ever – a comparative view on returns, volatilities, risk premia, etc. over a statistically significant period of time.

Based on Moritz’s  argument, Stefan Hofrichter (Head of Global Economics & Strategy Allianz Global Investors) will continue to give an outlook to long-term asset returns taking into account current evaluations and historical parallels.

Discussion with the audience is planned and all participants are kindly invited to join the discussants for a networking lunch kindly sponsored by AllianzGI.




12.00 - 12.05Welcome

Ingo Mainert, CIO Multi Asset Europe, AllianzGI

Carmen Hofmann, Secretary General eabh

12.05 12.35'The rate of return on everything, 1870-2015'

Moritz Schularick, University of Bonn

12.35 - 12.50'Asset returns: a long-term outlook'

Stefan Hofrichter, Head of Global Economics & Strategy Allianz Global Investors

12.50 - 13.15Discussion with the audience

Moderator: Carmen Hofmann, Secretary General of eabh

13.15 - 14.00Networking lunch kindly sponsored by AllianzGI


4 Nov 2016 at 12:00pm to 2:00pm


Bockenheimer Landstr 42-44
60323 Frankfurt am Main

Frankfurt am Main, Germany

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