This paper uses analysts' forecasts to estimate a share's equity duration, a measure of a company's average cash-flow … might be a compensation for the value firms' higher exposure to cash-flow risk. -- equity duration ; value premium … ; analysts' forecasts ; B/M ratio ; cashflow risk ; discount rate risk ; implied cost of capital …

and debt. When discount rates are low and equity issuance is high, expected cash‐flow growth is low because firms … variation in discount rates that is not offset by common variation with expected cashflow growth. -- asset valuation ; excess …