Many leading asset pricing models are specified so that the term structure of dividend volatility is either flat or … upward sloping. Related, these models predict that the term structures of expected returns and volatilities on dividend … suggests otherwise. This discrepancy can be reconciled if these models replace their proposed dividend dynamics with processes …

Many leading asset pricing models predict that the term structures of expected returns and volatilities on dividend … these models replace their exogenously specified dividend dynamics with processes that are derived endogenously from capital …) when leverage is low (high), which shifts risk from long-horizon to short-horizon dividend strips. This framework also …

. The ability to explain the dividend strips puzzle, the term structure of interest rates and the predictive behavior of the …

Many leading asset pricing models predict that the term structures of expected returns and volatilities on dividend … these models replace their exogenously specified dividend dynamics with processes that are derived endogenously from capital …) when leverage is low (high), which shifts risk from long-horizon to short-horizon dividend strips. This framework also …

Many leading asset pricing models predict that the term structure of expected returns and volatilities on dividend … endogenously determines dividend dynamics that are cointegrated with EBIT, implying that long-horizon dividend strips are no … 'managed', creating stock volatility that is higher than long-horizon dividend volatility (i.e., excess volatility) …