Browsing BI Open by Author "Møller, Stig"

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    • Consumption Fluctuations and Expected Returns 

      Atanasov, Victoria; Møller, Stig; Priestley, Richard (Journal article; Peer reviewed, 2019)
      This paper introduces a novel consumption‐based variable, cyclical consumption, and examines its predictive properties for stock returns. Future expected stock returns are high (low) when aggregate consumption falls (rises) ...

    • The Role of the Discount Rate in Investment and Employment Decisions 

      Møller, Stig; Priestley, Richard (Peer reviewed; Journal article, 2023)
      Time variation in the discount rate affects investment and employment decisions in a manner consistent with Q-theory predictions. This evidence is uncovered when using cyclical consumption as a proxy for the discount rate. ...