Investor Rationality and House Price Bub
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Oliver Holtemöller; Rainer Schulz
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Article
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2010
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John Wiley and Sons
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English
⚖ 332 KB
## Abstract Temporary fluctuations of the US consumption-wealth ratio do not only predict excess returns on the US but also international stock markets at the business cycle frequency. This finding is the reflection of a common, temporary component in national stock markets. Exposure to this common