[其他学者] 央财金融学院姜富伟 (实证资产定价，股票收益预测，行为金融) 在线访谈问答汇总 [推广有奖]

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谢谢姜老师，我这就去看！

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THE JOURNAL OF FINANCE  VOL. LXVI, NO. 4  AUGUST 2011
Presidential Address: Discount Rates
JOHN H. COCHRANE

ABSTRACT

Discount-rate variation is the central organizing question of current asset-pricing research.
I survey facts, theories, and applications. Previously, we thought returns were
unpredictable, with variation in price-dividend ratios due to variation in expected
cashflows. Now it seems all price-dividend variation corresponds to discount-rate
variation. We also thought that the cross-section of expected returns came from the
CAPM. Now we have a zoo of new factors. I categorize discount-rate theories based
on central ingredients and data sources. Incorporating discount-rate variation affects
finance applications, including portfolio theory, accounting, cost of capital, capital
structure, compensation, and macroeconomics.

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