Labor Income and Predictable Stock Returns
收藏NBER2001-05-01 更新2025-01-04 收录
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https://www.nber.org/papers/w8309
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资源简介：
We propose and test a novel economic mechanism that generates stock return predictability on both the time series and the cross section. In our model, investors' income has two sources, wages and dividends, that grow stochastically over time. As a consequence, the fraction of total income produced
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美国国家经济研究局创建时间：
2001-05-01
