O'Reilly logo

Handbook of the Economics of Finance by Rene M. Stulz, Milton Harris, George M. Constantinides

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 12

Advances in Consumption-Based Asset Pricing: Empirical Tests *

Sydney C. Ludvigson

Department of Economics, New York University and NBER, 19W. 4th Street, 6th Floor, New York, NY 10012, USA. Tel.: +1 (212) 998 8927, sydney.ludvigson@nyu.edu http://www.econ.nyu.edu/user/ludvigsons/

Abstract

The last 15 years has brought forth an explosion of research on consumption-based asset pricing as a leading contender for explaining aggregate stock market behavior. This research has propelled further interest in consumption-based asset pricing, as well as some debate. This chapter surveys the growing body of empirical work that evaluates today’s leading consumption-based asset pricing theories using formal estimation, hypothesis testing, and ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required