The sharp losses companies experienced following the 2008 financial crisis are now a distant memory, yet they cause ripples. A widely cited stock-market-valuation measure popularized by Nobel Prize-winning economist Robert Shiller looks different as a result. Perhaps it shouldn’t. Mr. Shiller developed the cyclically adjusted price-to-earnings ratio, or CAPE, with Harvard University economist John Campbell in the 1990s. Promoted as a yardstick by his 2000 book “Irrational Exuberance” and available on his website, it is the...

Source: Wall Street Journal May 29, 2019 10:33 UTC