For Japanese investors, this kind of actual or, more correctly, prospective yield from stock ownership may be acceptable.

FORBES: Is the Japanese Market a Good Investment?

Are you saying that market investors will be duped into accepting a yield that is less than warranted by the actual riskiness or time value of the bond?

FORBES: Irish Deal Calculations: Alternative Bond Sale Scenario

If companies grow faster in future than in the past, for reasons over and above the investment of retained earnings, then actual earnings will grow faster as well, and the earnings yield will prove to have been too gloomy an indicator.

ECONOMIST: Shared values

If anything, the risk neutral yield on the bond will be greater than warranted by the actual riskiness of the bond, due to market risk aversion.

FORBES: Irish Deal Calculations: Alternative Bond Sale Scenario

Yield factors in both the interest rate paid by the bond and the actual price of the bond.

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