Stock Prices, Inflation and the Out-of-Sample predictability of Stock Market Returns
This paper considers a new perspective on the relationship between stock prices and inflation, by estimating the common long-term trend in real stock prices, as reflected in the earning-price ratio, and both expected and realized inflation.
Stock prices-inflation puzzle and the predictability of stock market returns
This paper considers a new perspective on the relationship between stock prices and inflation, by estimating the common long-term trend in the earning-price ratio and inflation.
The discriminatory impact of deviations from selection criteria in Higher Education seclection
The effect of asymetric information and transaction costs on asset pricing : theory and tests
This paper presents a capital asset pricing model in the presence of asymmetric information and transaction costs. The model is a generalized version of Merton’s (1987) model and Black’s (1974) model.