There is No Excess Volatility Puzzle
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We present two valuation models that we use to account for the annual data on price per share and dividends per share for the CRSP Value-Weighted Index from 1929-2023. We show that it is a simple matter to account for these data based purely on a model of variation over time in the expected ratio of
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美国国家经济研究局创建时间：
2024-05-01
