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CONSTANT RISK PREMIUM [1 record]

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Record 1 1986-10-27

English

Subject field(s)
  • Currency and Foreign Exchange
  • Investment
CONT

Rejection of the hypothesis of speculative efficiency is actually the rejection of a joint hypothesis of: (i) market efficiency; (ii) no risk premiums; and (iii) zero transactions costs. In our tests, we replace condition (ii) with the more general condition of a constant risk premium.

French

Domaine(s)
  • Politique monétaire et marché des changes
  • Investissements et placements
CONT

Le rejet de l'hypothèse de l'efficience spéculative est en fait le rejet des hypothèses conjointes : i) de l'efficience du marché; ii) de l'absence de primes de risque et iii) d'un coût de transaction égal à zéro. Dans nos tests, nous avons remplacé l'hypothèse ii) par une hypothèse plus générale, soit celle d'une prime de risque constante.

Spanish

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