Gomes, João (contributor); Kogan, Leonid (contributor); … - 2007 - Rev.
durables and short on services earns a sizable risk premium. In the time series, a strategy that is long on durables and short … on the market portfolio earns a countercyclical risk premium. We develop an equilibrium asset-pricing model that explains … long on durables and short on services earns a sizable
risk premium. In the time series, a strategy that is long on …