• John Y. Campbell


Emerging Trends: Asset Pricing. John Y. Campbell, May 15, 2015, Paper. "The modern field of asset pricing is organized around the concept of the stochastic discount factor. This essay uses this framework to discuss the literature on predictability of asset returns in the short and long run, the influence of irrational investor expectations on asset prices, and the cross-section of stock returns. Future progress will require microeconomic data on investor actions and ideally survey evidence on their risk preferences and beliefs." Link