Predicting Long-Horizon Stock Returns: Evidence and Implications

Recent studies suggest that stock returns may be partially predictable in the long term. This implies that the historical average return is not necessarily the best estimate of future return. It also justifies some market timing.

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Bibliographische Detailangaben
Veröffentlicht in:	Financial analysts journal 1994-01, Vol.50 (1), p.73-76
Hauptverfasser:	Reichenstein, William, Rich, Steven P.
Format:	Artikel
Sprache:	eng
Schlagworte:	Asset allocation Autocorrelation Dividends Empirical evidence Financial bonds Growth models Implications Interest rates Investment policy Price premiums Prices Rates of return Ratios Risk management Risk premiums Securities markets Stock dividends Stock exchanges Stock prices Stock returns Stock yields Systematic risk Yield
Online-Zugang:	Volltext
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Beschreibung
Zusammenfassung:	Recent studies suggest that stock returns may be partially predictable in the long term. This implies that the historical average return is not necessarily the best estimate of future return. It also justifies some market timing.
ISSN:	0015-198X 1938-3312
DOI:	10.2469/faj.v50.n1.73