Most investment decisions focus on a forecast of future events that is either explicit or implicit. Generally asset … pricing models postulate a positive relationship between a stock portfolio’s expected returns and risk, which is often … relationship between mean returns on the Nigeria commercial banks portfolio investments and its conditional variance or standard …

deteriorate, uncertainty rises and investors' opinions polarize. Disagreement thus spikes in bad times, causing returns to react … to past news. This phenomenon creates a positive relation between disagreement and future returns. It also generates time …