Goebel, Joseph M.; Athavale, Manoj V. - In: Global Business and Economics Review 16 (2014) 3, pp. 231-252
The countercyclical price of risk is revealed through declining earnings, dividends, equity book and equity market values, short-run earnings expectations and increasing market returns (k), risk premiums (MRP) and book-to-market (BM) with contractions. Consistent with costly reversibility, high...