volatility in asset prices and its resulting rejection of the discounted cash flow model. This paper replicates Shiller … much smaller extent than in Shiller’s approach, of excess volatility cannot be rejected. But it seems that a further …

Market Hypothesis sense. The paper tries to show that this so-called excess volatility is to a large extend the result of the … employing the Gordon Growth Model and using an estimation process for the dividend growth rate that was suggested by Barsky and …, constant dividend growth rates as well as non-variable discount rates. It is shown that indeed volatility declines considerably …