Is it really possible to control for the downside risk when the market environment is in constant evolution? If so … variance and correlation terms are properly taken into account, downside risk can be mitigated without compromising long …

ability of price-dividend ratios to forecast future dividends. For a constant risk premium, it is possible to match the low …All variations in price-dividend ratios result from either movements in expected returns or expected dividend growth … movements in prices. I derive closed-form solutions for the relation between the persistency of dividend growth rates and the …

This paper revisits demographic dividend issues after almost 2 decades of debate. In 1998, David Bloom and I used a … has come to call the “demographic dividend.” These early estimates seem to be similar to those coming from more recent … overlapping generation models, when properly estimated. Research has shown that the demographic dividend is not simply a labor …