Zicklin School of Business, Baruch College/CUNY, One Baruch Way, Box B10-225, New York
Biography
Giannikos IC, Overall there seems to be a cyclical pattern, related to the business cycle, in the observed temporal behavior of asset returns. Thus one could argue that the temporal behavior of asset returns is state-dependent, where the state dependency arises from, and is related to, the business cycle. But the temporal behavior of asset returns should be explained within an asset-pricing model.
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