A Specification Test for Speculative Bubbles
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The set of parameters needed to calculate the expected present discounted value of a stream of dividends can be estimated in two ways. One may test for speculative bubbles, or fads, by testing whether the two estimates are the same. When the test is applied to some annual U.S. stock market data, the
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美国国家经济研究局创建时间：
1986-11-01
