Consumption Risk and Expected Stock Returns
收藏NBER2003-03-01 更新2025-01-04 收录
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https://www.nber.org/papers/w9548
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Following the textbook C-CAPM, the consumption risk of an asset is typically measured as the contemporaneous covariance of the marginal utility of consumption and the return on that asset. When measured this way, consumption risk is too small to explain the observed equity premium, is negatively
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美国国家经济研究局创建时间：
2003-03-01
