Percorrer por autor "Smith, Peter N."
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- Long-run consumption risk with durable goods : UK evidence for equity and bond marketsPublication . Smith, Peter N."It is a widely accepted fact that the consumption-based capital asset pricing model (CCAPM) fails to provide a good explanation of many important features of the behaviour of financial market returns in a large range of countries over a long period of time. However, within a representative consumer/investor model, it is hard to see how the basic structure of the consumption based model can be safely abandoned." [introdução]