GDP Growth Expectations and Cash-flow Risk Premium
收藏NBER2025-10-01 更新2025-11-01 收录
下载链接：
https://www.nber.org/papers/w34402
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资源简介：
We show that procyclical stocksthose whose cash flows rise with expected economic growthearn higher average returns than countercyclical stocks. Leveraging nearly 75 years of economist survey data on real GDP growth expectations, we identify economic states while sidestepping model-driven forecast
提供机构：
美国国家经济研究局
创建时间：
2025-10-01
