Henry, Ólan T.; Olekalns, Nilss; Thong, Jonathan - In: Empirical Economics 29 (2004) 3, pp. 527-540
Recent empirical work suggests a predictive relationship between stock returns and output growth. We employ quarterly data from a panel of 27 countries to test whether stock returns as useful in predicting growth. Unlike previous research, our approach allows for the possible non-linear effect...