Covariances versus Characteristics in General Equilibrium
收藏NBER2011-08-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w17285
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资源简介：
We question a deep-ingrained doctrine in asset pricing: If an empirical characteristic-return relation is consistent with investor "rationality," the relation must be "explained" by a risk factor model. The investment approach changes the big picture of asset pricing. Factors formed on
提供机构：
美国国家经济研究局
创建时间：
2011-08-01
