relationship between consumption, assets and earnings (i.e., the variable "cay"). The evidence in favor of a stable cointegrating …-to-wealth ratio over the sample period. We calculate an alternative "cay" variable, i.e., the stationary part of the consumption …-to-wealth ratio, and find that its predictive ability for future (excess) stock returns is comparable to that of the standard "cay …

relationship between consumption, assets and earnings (i.e., the variable "cay"). The evidence in favor of a stable cointegrating … the traditional "cay" variable. Its predictive ability for future excess stock returns - while diminished compared to that … of the standard "cay" variable - is statistically and economically significant. We further show that - contrary to what …

Bu calismada, cay sektorundeki kamu isletmesi (KIT) calisanlarinin orgutsel kultur ve orgutsel vatandaslik davranisi …