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Torous, W., Valkanov, R., Yan, S., 2004. On predicting stock returns with nearly integrated explanatoryvariables. Journal of Business 77, 937β966. Richardson, M., Stock, J.H., 1989. Drawing inferences from statistics based on multiyear asset returns. Journal ofFinancial Economics 25, 323β348. Hansen, L. P., J. Heaton, and E. G. J. Luttmer, 1995. Econometric Evaluation of Asset Pricing Models… Π§ΠΈΡΠ°ΡΡ Π΅ΡΡ >
Π‘ΠΏΠΈΡΠΎΠΊ Π»ΠΈΡΠ΅ΡΠ°ΡΡΡΡ. ΠΠ»ΠΈΡΠ½ΠΈΠ΅ Π΄ΠΈΠ²ΠΈΠ΄Π΅Π½Π΄Π½ΡΡ Π²ΡΠΏΠ»Π°Ρ Π½Π° Π΄ΠΎΡ ΠΎΠ΄Π½ΠΎΡΡΡ Π°ΠΊΡΠΈΠΉ Π² ΠΌΠΎΠ΄Π΅Π»ΡΡ ΡΠ΅Π½ΠΎΠΎΠ±ΡΠ°Π·ΠΎΠ²Π°Π½ΠΈΡ Π½Π° ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ (ΡΠ΅ΡΠ΅ΡΠ°Ρ, ΠΊΡΡΡΠΎΠ²Π°Ρ, Π΄ΠΈΠΏΠ»ΠΎΠΌ, ΠΊΠΎΠ½ΡΡΠΎΠ»ΡΠ½Π°Ρ)
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ΠΠ°ΠΏΠΎΠ»Π½ΠΈΡΡ ΡΠΎΡΠΌΡ ΡΠ΅ΠΊΡΡΠ΅ΠΉ ΡΠ°Π±ΠΎΡΠΎΠΉ