Abstract

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.

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Citation

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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