Long-Term Discount Rates Do Not Vary Across Firms
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Long-term expected returns appear to vary little, if at all, in the cross section of stocks. We devise a bootstrapping procedure that injects small amounts of variation into expected returns and show that even negligible differences in expected returns, if they existed, would be easy to detect.
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美国国家经济研究局创建时间：
2019-02-01
