Gomes, João (contributor); Kogan, Leonid (contributor); … - 2007 - Rev.
on the market portfolio earns a countercyclical risk premium. We develop an equilibrium asset-pricing model that explains … durables and short on
the market portfolio earns a countercyclical risk premium. We develop an equilibrium
asset-pricing model … surprisingly little variation in
average returns. For instance, classic studies of the capital asset pricing model (CAPM)
have …