Financial Market Risk Perceptions and the Macroeconomy
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We propose a novel measure of risk perceptions: the price of volatile stocks (PVS), defined as the book-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVS is high when perceived risk directly measured from surveys and option prices is low. When
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美国国家经济研究局创建时间：
2019-09-01
