Persistent Estimates of Negative Equity Risk Premium for U.S. Equities

Persistent Estimates of Negative Equity Risk Premium for U.S. Equities

Torsten Asmus

The roaring US stock market has delivered red-hot gains in recent history but at the expense of future returns. That, at least, is one interpretation via earnings-yield and dividend-yield models that estimate the ex-ante equity risk premium (ERP). Based on a specific run

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