What is the Chance that the Equity Premium Varies over Time? Evidence from Regressions on the Dividend-Price Ratio
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We examine the evidence on excess stock return predictability in a Bayesian setting in which the investor faces uncertainty about both the existence and strength of predictability. When we apply our methods to the dividend-price ratio, we find that even investors who are quite skeptical about the
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美国国家经济研究局创建时间：
2011-08-01
