Disequilibrium Pricing Theory—Bubbles and Recessions
نویسندگان
چکیده
منابع مشابه
Return Predictability in Recessions: an Asset Pricing Perspective
I show that the dividend-price ratio predicts aggregate stock market returns with higher precision during recessions than in expansions, in a way that is both statistically and economically significant. This empirical evidence cannot be reconciled with three popular asset pricing approaches: habit-persistence (Campbell and Cochrane (1999)), long-run risk (Bansal and Yaron (2004)) and rare disas...
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ژورنال
عنوان ژورنال: Theoretical Economics Letters
سال: 2014
ISSN: 2162-2078,2162-2086
DOI: 10.4236/tel.2014.41009