Economic Implications of Bull and Bear Regimes in UK Stock and Bond Returns

&##160;The structure of the UKreturns.txt file is as follows:

Column 1 — Date (format:MMM-YY), 1976:02 – 2000:12;
Column 2 — Annualized dividend yield (see paper for definition);
Column 3 — Excess Equity returns on FTSE All Share Index;
Column 4 — Excess returns on Long-term Bonds (15-year government bonds);
Column 5 — Annualized yield on 1-month T-bills.