The Size of the Permanent Component of Asset Pricing Kernels
收藏NBER2001-07-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w8360
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资源简介：
We derive a lower bound for the size of the permanent component of asset pricing kernels. The bound is based on return properties of long-term zero-coupon bonds, risk-free bonds, and other risky securities. We find the permanent component of the pricing kernel to be very large; its volatility is
提供机构：
美国国家经济研究局
创建时间：
2001-07-01
