Composition of Wealth, Conditioning Information, and the Cross-Section of Stock Returns
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https://www.nber.org/papers/w16073
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Value stocks covary with aggregate consumption more than growth stocks during periods when financial wealth is low relative to consumption. However, the conditional value premium does not exhibit such countercyclical behavior. Consequently, a one-factor conditional consumption-based asset pricing
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美国国家经济研究局创建时间：
2010-06-01
