We review the literature on return and cash flow growth predictability from the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries.
Koijen, Ralph, and Stijn Van Nieuwerburgh. "Predictability of Returns and Cash Flows." Annual Review of Financial Economics 3 (December 2011): 467-491.
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