The decomposition of consumption beta into a component driven by assets' cash-flow news and one related to assets … book-to-market portfolios are associated with differences in their cash-flow betas, and thus reflect macroeconomic … addition, the results indicate that the risk premium on equity markets is primarily driven by the exposure of assets' cash-flow …

firms have lower cash-flow beta and higher discount-rate beta than firms with high leverage. Although cash-flow beta …