Ang is with Columbia University and NBER. Jun Liu is at UCLA. We would like to thank Michael Brandt, Michael Brennan, Bob Dittmar, John Graham, Bruce Grundy, Ravi Jagannathan, and seminar participants at the Australian Graduate School of Management, Columbia University, the Board of Governors of the Federal Reserve, and Melbourne Business School for comments. We also thank Geert Bekaert and Zhenyu Wang for helpful suggestions and especially thank Yuhang Xing for constructing some of the data. We also thank Rick Green (the former editor), and we are grateful to an anonymous referee for helpful comments that greatly improved the paper. The authors acknowledge funding from an INQUIRE UK grant. This paper represents the views of the authors and not of INQUIRE. All errors are our own.
How to Discount Cashflows with Time-Varying Expected Returns
Version of Record online: 27 NOV 2005
© 2004 the American Finance Association
The Journal of Finance
Volume 59, Issue 6, pages 2745–2783, December 2004
How to Cite
ANG, A. and LIU, J. (2004), How to Discount Cashflows with Time-Varying Expected Returns. The Journal of Finance, 59: 2745–2783. doi: 10.1111/j.1540-6261.2004.00715.x
- Issue online: 27 NOV 2005
- Version of Record online: 27 NOV 2005
Options for accessing this content:
- If you are a society or association member and require assistance with obtaining online access instructions please contact our Journal Customer Services team.
- If your institution does not currently subscribe to this content, please recommend the title to your librarian.
- Login via other institutional login options http://onlinelibrary.wiley.com/login-options.
- You can purchase online access to this Article for a 24-hour period (price varies by title)
- If you already have a Wiley Online Library or Wiley InterScience user account: login above and proceed to purchase the article.
- New Users: Please register, then proceed to purchase the article.
Login via OpenAthens
Search for your institution's name below to login via Shibboleth.
Registered Users please login:
- Access your saved publications, articles and searches
- Manage your email alerts, orders and subscriptions
- Change your contact information, including your password
Please register to:
- Save publications, articles and searches
- Get email alerts
- Get all the benefits mentioned below!