The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/10705 |
Resumo: | We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets. |
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Costa, Carlos Eugênio daIssler, João VictorMatos, Paulo Rogério FaustinoEscolas::EPGEFGV2013-04-04T20:20:30Z2013-04-04T20:20:30Z2013-04-040104-8910http://hdl.handle.net/10438/10705We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets.engFundação Getulio Vargas. Escola de Pós-graduação em EconomiaEnsaios Econômicos;738Equity premium puzzleForward premium puzzleReturn-based pricing kernelEconomiaEconomiaThe forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illnessinfo: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-84707https://repositorio.fgv.br/bitstreams/db298152-8b04-43c4-a55a-a23c33a46b4e/downloaddfb340242cced38a6cca06c627998fa1MD52ORIGINALThe-Forward--and-the-Equity-Premium-Puzzles-A-Straightforward-Test-of-Whether-They-Are-Two-Symptoms-of-the-Same-Illness.pdfThe-Forward--and-the-Equity-Premium-Puzzles-A-Straightforward-Test-of-Whether-They-Are-Two-Symptoms-of-the-Same-Illness.pdfMain 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dc.title.eng.fl_str_mv |
The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness |
title |
The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness |
spellingShingle |
The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness Costa, Carlos Eugênio da Equity premium puzzle Forward premium puzzle Return-based pricing kernel Economia Economia |
title_short |
The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness |
title_full |
The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness |
title_fullStr |
The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness |
title_full_unstemmed |
The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness |
title_sort |
The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness |
author |
Costa, Carlos Eugênio da |
author_facet |
Costa, Carlos Eugênio da Issler, João Victor Matos, Paulo Rogério Faustino |
author_role |
author |
author2 |
Issler, João Victor Matos, Paulo Rogério Faustino |
author2_role |
author author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Costa, Carlos Eugênio da Issler, João Victor Matos, Paulo Rogério Faustino |
dc.subject.por.fl_str_mv |
Equity premium puzzle Forward premium puzzle Return-based pricing kernel |
topic |
Equity premium puzzle Forward premium puzzle Return-based pricing kernel Economia Economia |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Economia |
description |
We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets. |
publishDate |
2013 |
dc.date.accessioned.fl_str_mv |
2013-04-04T20:20:30Z |
dc.date.available.fl_str_mv |
2013-04-04T20:20:30Z |
dc.date.issued.fl_str_mv |
2013-04-04 |
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/10438/10705 |
dc.identifier.issn.none.fl_str_mv |
0104-8910 |
identifier_str_mv |
0104-8910 |
url |
http://hdl.handle.net/10438/10705 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Ensaios Econômicos;738 |
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 |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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Fundação Getulio Vargas (FGV) |
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FGV |
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FGV |
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