with recession indicators such as above-average unemployment growth and with proxies for stock market wealth. The combined …

wealth. Our event study from a sample of 38l firms that adopted 486 antitakeover provisions in the 1984-1988 period indicates … a strongly negative effect on stockholder wealth, supporting the management entrenchment view of antitakeover provisions …

between aggregate consumer spending and changes in aggregate household wealth. While stock market gains have surely provided …

This paper studies the role of detrended wealth in predicting stock returns. We call a transitory movement in wealth … data, we find that these trend deviations in wealth are strong predictors of both real stock returns and excess returns … forecasting variables. ; Why should wealth, detrended in this way, forecast asset returns? We show that a wide class of optimal …

In their influential work on the consumption-wealth relationship, Lettau and Ludvigson found that while consumption … responds to permanent changes in wealth in the expected manner, most changes in wealth are transitory with no effect on …