Consumption Strikes Back? Measuring Long‐Run Risk

We characterize and measure a long‐term risk‐return trade‐off for the valuation of cash flows exposed to fluctuations in macroeconomic growth. This trade‐off features risk prices of cash flows that are realized far into the future but continue to be reflected in asset values. We apply this analysis...

Ausführliche Beschreibung

Gespeichert in:

Bibliographische Detailangaben
Veröffentlicht in:	The Journal of political economy 2008-04, Vol.116 (2), p.260-302
Hauptverfasser:	Hansen, Lars Peter, Heaton, John C., Li, Nan
Format:	Artikel
Sprache:	eng
Schlagworte:	Capital market Cash flow Consumer economics Consumption Dividends Economic growth Economic theory Expected returns Financial assets Financial economics Financial portfolios Investment risk Investors Macroeconomics Political economy Risk aversion Risk exposure Stock prices Studies Valuation Vector autoregression
Online-Zugang:	Volltext
Tags:	Tag hinzufügen Keine Tags, Fügen Sie den ersten Tag hinzu!

Schreiben Sie den ersten Kommentar!