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Persistent link: https://www.econbiz.de/10010345874
Pastor and Stambaugh (2012) demonstrate that from a forward-looking perspective, stocks are more volatile in the long run than they are in the short run. We investigate how the economic constraint of non-negative equity premia aspects predictive variance. When investors expect non-negative...
Persistent link: https://www.econbiz.de/10011876206