Durability of Output and Expected Stock Returns

The demand for durable goods is more cyclical than that for nondurable goods and services. Consequently, the cash flows and stock returns of durable-good producers are exposed to higher systematic risk. Using the benchmark input-output accounts of the National Income and Product Accounts, we con...

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Bibliographic Details
Main Authors: Gomes, Joao, Kogan, Leonid, Yogo, Motohiro
Other Authors: Sloan School of Management
Format: Article
Language:en_US
Published: University of Chicago Press 2011
Online Access:http://hdl.handle.net/1721.1/65095
https://orcid.org/0000-0001-9387-9728