Endogenous Dividend Dynamics and the Term Structure of Dividend Strips
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https://www.nber.org/papers/w18450
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Many leading asset pricing models predict that the term structures of expected returns and volatilities on dividend strips are strongly upward sloping. Yet the empirical evidence suggests otherwise. This discrepancy can be reconciled if these models replace their exogenously specified dividend
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美国国家经济研究局创建时间：
2012-10-01
