Rare booms and disasters in a multisector endowment economy

<p>Why do value stocks have higher average returns than growth stocks, despite having lower risk? Why do these stocks exhibit positive abnormal performance, while growth stocks exhibit negative abnormal performance? This paper offers a rare-event-based explanation that can also account for the...

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Bibliographic Details
Main Author: Tsai, J
Format: Journal article
Published: Oxford University Press 2016