Until recent years, most finance economists believed that expected stock returns were constant through time. This belief implied that unexpected stock returns were driven by news about future dividends. Since finance theory has little to say about the economic forces behind dividend expectations, finance economists were generally content to treat unexpected stock returns as exogenous, and to work instead on the determination of mean returns given risk aversion and exogenous variances and covariances of returns. Fama (1970) is a particularly clear survey of this traditional approach to finance.
Weitere Kapitel dieses Buchs durch Wischen aufrufen
- Accounting for Stock Price Movements
John Y. Campbell
- Palgrave Macmillan UK
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