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dc.contributor.author	Campbell, John
dc.date.accessioned	2009-07-08T13:12:55Z
dc.date.issued	1996
dc.identifier.citation	Campbell, John Y. 1996. Understanding risk and return. Journal of Political Economy 104, no. 2: 298-345.	en
dc.identifier.issn	0022-3808	en
dc.identifier.uri	http://nrs.harvard.edu/urn-3:HUL.InstRepos:3153293
dc.description.abstract	This paper uses an equilibrium multifactor model to interpret the cross-sectional pattern of postwar U.S. stock and bond returns. Priced factors include the return on a stock index, revisions in forecasts of future stock returns (to capture intertemporal hedging effects), and revisions in forecasts of future labor income growth (proxies for the return on human capital). Aggregate stock market risk is the main factor determining excess returns; but in the presence of human capital or stock market mean reversion, the coefficient of relative risk aversion is much higher than the price of stock market risk.	en
dc.description.sponsorship	Economics	en
dc.language.iso	en_US	en
dc.publisher	University of Chicago Press	en
dc.relation.isversionof	http://dx.doi.org/10.1086/262026	en
dash.license	LAA
dc.title	Understanding Risk and Return	en
dc.relation.journal	Journal of Political Economy	en
dash.depositing.author	Campbell, John

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  Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University

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