Binsbergen, Jules van; Brandt, Michael; Koijen, Ralph - In: American Economic Review 102 (2012) 4, pp. 1596-1618
We present evidence on the term structure of the equity premium. We recover prices of dividend strips, which are short-term assets that pay dividends on the stock index every period up to period T and nothing thereafter. It is short-term relative to the index because the index pays dividends in...