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Can market incompleteness resolve asset pricing puzzles?Freeman, Mark C. 06 August 2009 (has links)
No / This paper shows that the presence of persistent uninsurable risk concentrated in economic depressions has the potential to resolve two well¿known asset pricing puzzles. It is also shown that the presence of such risk in more normal economic expansions and recessions is likely to be much less relevant in determining equilibrium asset prices.
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