This article reexamines the evidence on the ability of dividend yields to predict long-horizon stock returns. The authors use two new series beginning in 1871, a monthly series for the United States, and an annual series for the United Kingdom. Conditional on survival over the entire 122 years,...

This article examines the exposure of U.S multinationals to foreign currency risk. Evidence is presented that the relationship between stock returns and exchange rates differs systematically across multinationals. Given these results, the study focuses on the determinants of exchange-rate...