Sung, Hyun Mo; Urrutia, Jorge L - In: Journal of Financial Research 18 (1995) 2, pp. 171-88
In this paper we test the joint implications for the intertemporal behavior of stock prices and dividends expressed in the Lintner dividend model and the present value model of stock prices. We use macro data corresponding to quarterly S&P 500 index prices and dividends for January 1930-December...