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The Relation between Expected Returns, Realized Returns, and Firm Risk Characteristics


  •  Accepted by Steven Salterio. We gratefully acknowledge the financial support of the David Eccles School of Business. We also wish to thank Kin Lo, K. Ramesh, Matt Magilke, and the workshop participants at the London School of Business, Michigan State University, Rotterdam School of Management – Erasmus University, the University of North Carolina, the University of British Columbia, Arizona State University, Georgetown University, and University of Akron for helpful comments on previous drafts of the paper.