Graduate School of Business, University of Chicago. This research has benefitted from the comments of Stephen Buser, Nai-Fu Chen, Kenneth Cone, Greg Connor, George Constantinides, Eugene Fama, Ken French, Bruce Grundy, Campbell Harvey, Shmuel Kandel, Allan Kleidon, John B. Long, Craig MacKinlay, John Merrick, Robert Stambaugh, Kenneth Singleton, RenéStulz (theeditor), Marti Subrahmanyam, Stephen Ross, and seminar participants at the University of California at Berkeley, Chicago, Southern California, and Wiscons in, Indiana University, Northwestern University, and the American Western, and European Finance Association Meetings. The comments of an anonymous referee were very helpful. Financial support from the Center for Research in Security Prices is gratefully acknowledged.
Changes in Expected Security Returns, Risk, and the Level of Interest Rates
Version of Record online: 30 APR 2012
© 1989 the American Finance Association
The Journal of Finance
Volume 44, Issue 5, pages 1191–1217, December 1989
How to Cite
FERSON, W. E. (1989), Changes in Expected Security Returns, Risk, and the Level of Interest Rates. The Journal of Finance, 44: 1191–1217. doi: 10.1111/j.1540-6261.1989.tb02650.x
- Issue online: 30 APR 2012
- Version of Record online: 30 APR 2012
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