Situations of negative interest rates on short-term bonds resulted from high income tax rates government regulations requiring financial firms to purchase government bonds very low risk premiums investors were locking for safe havens when other investments were perceived to be very risky The rate of return of a stock held for one year equals the change in the price of the stock. The dividend yield plus the rate of capital gain the rate of capital gain minus the dividend yield the dividend yield minus the rate of capital gain. The fundamental value of a stock equals the future value of all future dividends the present value of all future dividends the present value of current and future dividends the present value of all future capital gains According to the efficient markets hypothesis. The equilibrium price of an asset equals the optimal forecast of fundamental value based on available information the actual and expected prices of an asset will be equal the a