Finance and Economics Discussion Series: Stock Market Fluctuations and the Term Structure by Chunsheng Zhou

Finance and Economics Discussion Series: Stock Market Fluctuations and the Term Structure

Chunsheng Zhou

34 pages missing pub info (editions)

nonfiction politics
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This paper uses the term structure of interest rates to explain the variations of stock prices and stock returns. It shows that interest rates have an important impact on stock returns, especially at long horizons. The hypothesis that expected sto...

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