Are Stocks Real Assets? Sticky Discount Rates in Stock Markets
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DOI: 10.1093/rfs/hhw072
Abstract: Local stock markets adjust sluggishly to changes in local inflation. When the local rate of inflation increases, local investors subsequently earn lower real returns on local stocks, but not on local bonds or foreign stocks,… read more here.
Keywords: discount rates; stock markets; stocks real; stock ... See more keywords