Campbell, Sean D.; Diebold, Francis X. - Center for Financial Studies - 2005
Keywords: Business Cycle, Expected Equity Returns, Prediction, Livingston Survey, Risk
Aversion, Equity Premium, Risk Premium … absence
of direct expectations data, however, the claim that expected excess equity returns are driven by
expected business …
links between expected business conditions and expected excess equity returns over some fifty
years. We ask two key sets of …