NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Predictability of Returns and Cash Flows

Ralph S.J. Koijen, Stijn Van Nieuwerburgh

NBER Working Paper No. 16648
Issued in December 2010

---- Acknowledgements -----

We would like to thank Jules van Binsbergen, Martin Lettau, Sydney Ludvigson, and Motohiro Yogo for helpful comments. 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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