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dc.contributor.authorAvramov, Doron
dc.contributor.authorCederburg, Scott
dc.contributor.authorLučivjanská, Katarína
dc.date.accessioned2018-05-17T16:15:35Z
dc.date.available2018-05-17T16:15:35Z
dc.date.issued2018-02
dc.identifier.citationDoron Avramov, Scott Cederburg, Katarína Lučivjanská; Are Stocks Riskier over the Long Run? Taking Cues from Economic Theory, The Review of Financial Studies, Volume 31, Issue 2, 1 February 2018, Pages 556–594, https://doi.org/10.1093/rfs/hhx079en_US
dc.identifier.issn0893-9454
dc.identifier.issn1465-7368
dc.identifier.doi10.1093/rfs/hhx079
dc.identifier.urihttp://hdl.handle.net/10150/627669
dc.description.abstractWe study whether stocks are riskier or safer in the long run from the perspective of Bayesian investors who employ the long-run risk, habit formation, or prospect theory models to form prior beliefs about return dynamics. Economic theory delivers important guidance for long-run investment opportunities. Specifically, incorporating prior information from the habit formation or prospect theory models reinforces beliefs in mean reversion and inferences that stocks are safer over longer horizons. Conversely, investors with long-run risk priors perceive weaker mean reversion and riskier equities. Model-based information is particularly important for inferences about uncertainty in the dividend growth component of returns.en_US
dc.description.sponsorshipIsrael Science Foundation [233/14]; Slovak Scientific Grant Agency (VEGA grant) [1/0344/14]; Slovak Research and Development Agency [APVV-14-0357]en_US
dc.language.isoenen_US
dc.publisherOXFORD UNIV PRESS INCen_US
dc.relation.urlhttps://academic.oup.com/rfs/article/31/2/556/3964632en_US
dc.rights© The Author 2017. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved.en_US
dc.titleAre Stocks Riskier over the Long Run? Taking Cues from Economic Theoryen_US
dc.typeArticleen_US
dc.contributor.departmentUniv Arizona, McClelland Hall 315Ren_US
dc.identifier.journalREVIEW OF FINANCIAL STUDIESen_US
dc.description.note24 month embargo: published online: 14 July 2017en_US
dc.description.collectioninformationThis item from the UA Faculty Publications collection is made available by the University of Arizona with support from the University of Arizona Libraries. If you have questions, please contact us at repository@u.library.arizona.edu.en_US
dc.eprint.versionFinal accepted manuscripten_US
dc.source.journaltitleThe Review of Financial Studies
dc.source.volume31
dc.source.issue2
dc.source.beginpage556
dc.source.endpage594


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