We assess the contribution of macroeconomic uncertainty -- approximated by the dispersion of the real GDP survey forecasts -- to the ex post and ex ante prediction of stock price bubbles. For a panel of six OECD economies covering 24 years, two alternative binary chronologies of bubble periods...

In this paper we propose a new analysis of the association between the growth of the earnings per share (EPS) as reflected in analysts' forecasts, the book value of equity, the EPS and the market value of equity. Specifically, we motivate and introduce a new specification of the dynamics of the...

We quantify disagreement about the economy with ex-ante measures of divergence of opinion among economic forecasters and investigate if economic disagreement has a significant impact on the cross-sectional pricing of individual stocks. We find a significant disagreement premium of 7.2% per...