This article provides a stochastic valuation framework for bond and stock returns that builds on three different …

We identify flight-to-safety (FTS) days for 23 countries using only stock and bond returns and a model averaging … approach. FTS days comprise less than 2% of the sample, and are associated with a 2.7% average bond-equity return differential … and significant flows out of equity funds and into government bond and money market funds. FTS represents flights to both …

We identify flight-to-safety (FTS) days for 23 countries using only stock and bond returns and a model averaging … approach. FTS days comprise less than 2% of the sample, and are associated with a 2.7% average bond-equity return differential … and significant flows out of equity funds and into government bond and money market funds. FTS represents flights to both …

We identify flight-to-safety (FTS) days for 23 countries using only stock and bond returns and a model averaging … approach. FTS days comprise less than 2% of the sample, and are associated with a 2.7% average bond-equity return differential … and significant flows out of equity funds and into government bond and money market funds. FTS represents flights to both …