theory. Data from other countries are examined to see which features of the U.S. experience apply more generally. The chapter … argues that to make sense of asset market behavior one needs a model in which the market price of risk is high, time …

important stylized facts that characterize US data, and relates them to recent developments in equilibrium asset pricing theory … that to make sense of asset market behavior one needs a model in which the market price of risk is high, time-varying, and …

return effects. The paper also shows how asset pricing theory restricts the expected excess return components of betas …

intertemporal hedging motives greatly increase, and may even double, the average demand for stocks by investors whose risk …

intertemporal hedging motives greatly increase, and may even double, the average demand for stocks by investors whose risk …