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Persistent link: https://www.econbiz.de/10001171958
Many tests of asset pricing models address only the pricing predictions - but these pricing predictions rest on portfolio choice predictions which seem obviously wrong. This paper suggests a new approach to asset pricing and portfolio choices, based on unobserved heterogeneity. This approach...
Persistent link: https://www.econbiz.de/10003549745
Persistent link: https://www.econbiz.de/10011338808