Returns merely based on one purchasing price of an asset are uninformative for people regularly contributing to their … literature, giving an overly optimistic view of expected long-term stock market returns and risks. Moreover, around business … exists differ substantially. This article compares risk and returns for regular and lump-sum investors for all possible …

, we find significant and robustexcess returns to style rotating investment strategies. Business cycle oriented approaches …-to-price on future excess stock returns varies considerably overtime. The impact can be either positive or negative at different … particular, we allow for a state-dependent choice of investment styles rather than aonce-and-for-all choice for a particular …

The paper explores whether the co-movement of market returns and equity fund flows can be explained by a common … returns. Further predictive variables such as default spread, relative T-Bill rate and, in particular consumption-wealth ratio …