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 Price / Earnings ratios (P/E) 
  1996 1997 1998 1999 2000 2001 2002 02/2003
 Dow Jones 19,0 21,5 24,3 26,9 20,0 29,5 28,9 27,3
 S&P 500 20,8 24,5 32,2 32,5 25,4 40,3 28,1 27,5
 S&P/TSX 25,5 24,6 27,8 36,1 25,0 N/A N/A 32,1
 FTSE-100 16,7 19,9 25,3 30,7 30,1 33,6 42,1 N/A
 CAC-40 n.d. 27,4 24,3 33,3 34,5 19,9 19,1 16,7





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