Kurz, Claudia; Kurz-Kim, Jeong-Ryeol - In: Economics Letters 118 (2013) 2, pp. 342-346
In this paper, we quantify the dynamics of absolute excess returns on stock markets depending on three factors: the average of the absolute excess return, the level of the stock price, and stock market volatility. We also argue that the absolute excess return can be regarded as an empirical...
