A stochastic discount factor approach to asset pricing using panel data asymptotics
Autor(a) principal: | |
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Data de Publicação: | 2011 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/8234 |
Resumo: | Using the Pricing Equation in a panel-data framework, we construct a novel consistent estimator of the stochastic discount factor (SDF) which relies on the fact that its logarithm is the 'common feature' in every asset return of the economy. Our estimator is a simple function of asset returns and does not depend on any parametric function representing preferences. The techniques discussed in this paper were applied to two relevant issues in macroeconomics and finance: the first asks what type of parametric preference-representation could be validated by asset-return data, and the second asks whether or not our SDF estimator can price returns in an out-of-sample forecasting exercise. In formal testing, we cannot reject standard preference specifications used in the macro/finance literature. Estimates of the relative risk-aversion coefficient are between 1 and 2, and statistically equal to unity. We also show that our SDF proxy can price reasonably well the returns of stocks with a higher capitalization level, whereas it shows some difficulty in pricing stocks with a lower level of capitalization. |
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Araújo, FabioIssler, João VictorEscolas::EPGEFGV2011-05-27T11:51:48Z2011-05-27T11:51:48Z2011-05-270104-8910http://hdl.handle.net/10438/8234Using the Pricing Equation in a panel-data framework, we construct a novel consistent estimator of the stochastic discount factor (SDF) which relies on the fact that its logarithm is the 'common feature' in every asset return of the economy. Our estimator is a simple function of asset returns and does not depend on any parametric function representing preferences. The techniques discussed in this paper were applied to two relevant issues in macroeconomics and finance: the first asks what type of parametric preference-representation could be validated by asset-return data, and the second asks whether or not our SDF estimator can price returns in an out-of-sample forecasting exercise. In formal testing, we cannot reject standard preference specifications used in the macro/finance literature. Estimates of the relative risk-aversion coefficient are between 1 and 2, and statistically equal to unity. We also show that our SDF proxy can price reasonably well the returns of stocks with a higher capitalization level, whereas it shows some difficulty in pricing stocks with a lower level of capitalization.engFundação Getulio Vargas. Escola de Pós-graduação em EconomiaEnsaios Econômicos;717Stochastic discount factorNo arbitrageCommon featuresPanel data econometricsEconomiaAnálise estocásticaAtivos (Contabilidade)A stochastic discount factor approach to asset pricing using panel data asymptoticsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessLICENSElicense.txtlicense.txttext/plain; charset=utf-84712https://repositorio.fgv.br/bitstreams/d7bbe194-5172-4286-a025-17943f14d24f/download4dea6f7333914d9740702a2deb2db217MD52TEXTAraujo-Issler-2011.pdf.txtAraujo-Issler-2011.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
A stochastic discount factor approach to asset pricing using panel data asymptotics |
title |
A stochastic discount factor approach to asset pricing using panel data asymptotics |
spellingShingle |
A stochastic discount factor approach to asset pricing using panel data asymptotics Araújo, Fabio Stochastic discount factor No arbitrage Common features Panel data econometrics Economia Análise estocástica Ativos (Contabilidade) |
title_short |
A stochastic discount factor approach to asset pricing using panel data asymptotics |
title_full |
A stochastic discount factor approach to asset pricing using panel data asymptotics |
title_fullStr |
A stochastic discount factor approach to asset pricing using panel data asymptotics |
title_full_unstemmed |
A stochastic discount factor approach to asset pricing using panel data asymptotics |
title_sort |
A stochastic discount factor approach to asset pricing using panel data asymptotics |
author |
Araújo, Fabio |
author_facet |
Araújo, Fabio Issler, João Victor |
author_role |
author |
author2 |
Issler, João Victor |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Araújo, Fabio Issler, João Victor |
dc.subject.eng.fl_str_mv |
Stochastic discount factor No arbitrage Common features Panel data econometrics |
topic |
Stochastic discount factor No arbitrage Common features Panel data econometrics Economia Análise estocástica Ativos (Contabilidade) |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Análise estocástica Ativos (Contabilidade) |
description |
Using the Pricing Equation in a panel-data framework, we construct a novel consistent estimator of the stochastic discount factor (SDF) which relies on the fact that its logarithm is the 'common feature' in every asset return of the economy. Our estimator is a simple function of asset returns and does not depend on any parametric function representing preferences. The techniques discussed in this paper were applied to two relevant issues in macroeconomics and finance: the first asks what type of parametric preference-representation could be validated by asset-return data, and the second asks whether or not our SDF estimator can price returns in an out-of-sample forecasting exercise. In formal testing, we cannot reject standard preference specifications used in the macro/finance literature. Estimates of the relative risk-aversion coefficient are between 1 and 2, and statistically equal to unity. We also show that our SDF proxy can price reasonably well the returns of stocks with a higher capitalization level, whereas it shows some difficulty in pricing stocks with a lower level of capitalization. |
publishDate |
2011 |
dc.date.accessioned.fl_str_mv |
2011-05-27T11:51:48Z |
dc.date.available.fl_str_mv |
2011-05-27T11:51:48Z |
dc.date.issued.fl_str_mv |
2011-05-27 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/8234 |
dc.identifier.issn.none.fl_str_mv |
0104-8910 |
identifier_str_mv |
0104-8910 |
url |
http://hdl.handle.net/10438/8234 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Ensaios Econômicos;717 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
dc.source.none.fl_str_mv |
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