Value versus Growth: Time-Varying Expected Stock Returns
---- Acknowledgements -----
For helpful comments, we thank Murray Carlson (AFA discussant), Sreedhar Bharath, Amy Dittmar, Evan Dudley, Philip Joos, Solomon Tadesse, Joanna Wu, and seminar participants at the American Finance Association Annual Meetings. Bill Christie (the Editor) and two anonymous referees deserve special thanks. This paper supersedes our previous work under the title "Value versus growth: Movements in economic fundamentals." The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.