Cash Flow Duration and the Term Structure of Equity Returns
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The term structure of equity returns is downward-sloping: stocks with high cash flow duration earn 1.10% per month lower returns than short-duration stocks in the cross section. I create a measure of cash flow duration at the firm level using balance sheet data to show this novel fact. Factor models
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美国国家经济研究局创建时间：
2016-08-01
