Why People Disagree About What Drives Stock Prices
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https://www.nber.org/papers/w34923
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资源简介：
We show that, to a first-order approximation, estimates of fluctuations in Shillers fundamental price relative to observed price depend primarily on forecasts of long-horizon expected returns. Researchers using different measures of cash flow and valuation may reach different conclusions about the
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美国国家经济研究局创建时间：
2026-03-01
