Do investors drive stocks to overvaluation (undervaluation) in good (bad) economic times, such that corresponding expectations for future returns are therefore relatively low (high). In the August 2019 update of their paper entitled “Consumption Fluctuations and Expected Returns”, flagged by a subscriber, Victoria Atanasov, Stig Møller and Richard Priestley introduce the cyclical consumption economic variable…… Keep Reading
The post Cyclical Consumption as Stock Market Return Predictor appeared first on CXO Advisory.
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