NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Value versus Growth: Time-Varying Expected Stock Returns

Huseyin Gulen, Yuhang Xing, Lu Zhang

NBER Working Paper No. 15993
Issued in May 2010

---- 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.

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