NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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How the Wealth Was Won: Factors Shares as Market Fundamentals

Daniel L. Greenwald, Martin Lettau, Sydney C. Ludvigson

NBER Working Paper No. 25769
Issued in April 2019, Revised in May 2019

---- Acknowledgments ----

This paper supplants our earlier working paper "Origins of Stock Market Fluctuations." We are grateful to seminar participants at the University of Michigan Ross School of business 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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