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The document discusses the concept of equity duration as a new measure of stock risk, highlighting its relationship with returns and the puzzling empirical findings that high-duration stocks yield lower returns despite being riskier. It critiques the methodology of estimating equity duration and suggests that the observed risk premium contradicts traditional asset pricing theories. The analysis concludes that while equity duration is a valuable tool, it complicates existing asset pricing puzzles rather than

Author

wall apop

Language

EN