Risk, Mispricing, and Asset Allocation: Conditioning on Dividend Yield
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https://www.nber.org/papers/w8666
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In the asset pricing literature, time-variation in market expected excess return captured by financial ratios like dividend yield is typically viewed as a reflection of either changing risk, related to the business cycle, or irrational mispricing. Extending the work on asset allocation and dividend
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美国国家经济研究局创建时间：
2001-12-01
