Elephants in Equity Markets
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We introduce a novel empirical market-clearingbased decomposition of equity price growth. Using sample holdings covering only an average of 6% of market capitalization, we account for, on average, 88% of time variation in over 22,000 individual stock prices and 95% of fluctuations in 33 aggregate
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美国国家经济研究局创建时间：
2024-07-01
