Time-varying Expected Returns
{"Image DocumentName": "Time-varying Expected Returns", "Image ImageDescription": "The relation above is conditional. Conditional mean or other moment of a random variable could be different from its unconditional moment. E.g,, knowing tonight\u2019s weather forecast, you can better predict rain tomorrow than just knowing the average rain for that date. It suggests a link between conditional mean of stock returns and conditional variance of stock returns. Little empirical support. L12: SDF.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}