We develop a model in which investors can participate in stock, bond and housing markets. Investors' market entry …-value relations between dividends, rents and the bond rate. Amongst other things, we show that endogenous stock and housing market …

We develop a conditional factor model for the term structure of treasury bonds, which unifies non parametric curve … principles. Empirically, we show that four factors explain the discount bond excess return curve and term structure premium. Cash … flows are covariances, as cash flows of coupon bonds fully explain the factor exposure. The term structure premium depends …