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perception, time preference and forward-looking behaviour in consumption decisions and the effects of these decisions on labour …
Persistent link: https://www.econbiz.de/10014474092
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"This paper studies strategic asset allocation and consumption choice in the presence of regime switching in asset returns. We find evidence that four separate regimes - characterized as crash, slow growth, bull and recovery states - are required to capture the joint distribution of stock and...
Persistent link: https://www.econbiz.de/10002917579