Showing 1 - 3 of 3
Persistent link: https://www.econbiz.de/10008746043
Persistent link: https://www.econbiz.de/10009229459
The decomposition of consumption beta into a component driven by assets' cash-flow news and one related to assets' discount-rate news reveals that macroeconomic risks embodied in cash flows largely account for the cross-sectional dynamics of average stock returns. Empirically, we find that...
Persistent link: https://www.econbiz.de/10013132049