Predicting the Equity Premium With Dividend Ratios
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Our paper reexamines the forecasting regressions which predict annual aggregate stock market returns net of the risk-free rate with lagged aggregate dividend-yield ratios and dividend-price ratios. Prior to 1990, the conditional dividend yield could reliably outperform the historical equity premium
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美国国家经济研究局创建时间：
2002-02-01
