The Valuation of Long-Dated Assets
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https://www.nber.org/papers/w16219
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资源简介：
The expected time- and risk-adjusted cumulative return on any asset equals one at all horizons. Nonetheless, I show that a typical asset's realized time- and risk-adjusted cumulative return tends to zero almost surely. As a corollary, the value of a typical long-dated asset is driven by extreme
提供机构：
美国国家经济研究局
创建时间：
2010-07-01
