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type="main" <title type="main">ABSTRACT</title> <p>We introduce a novel approach to estimating latent oil risk factors and establish their significance in pricing nonoil securities. Our model, which features four factors with simple economic interpretations, is estimated using both derivative prices and oil-related equity...</p>
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type="main" xml:lang="en" <title type="main">ABSTRACT</title> <p>We develop a multiperiod rational expectations model of securities market equilibrium in which equilibrium prices may move between periods even though it is common knowledge that no new information has arrived about ultimate security payoffs. This happens...</p>
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