Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

Please note that all times are shown in the time zone of the conference. The current conference time is: 14th May 2024, 07:22:18am EDT

 
 
Session Overview
Session
Track W7-3: Return Predictability
Time:
Wednesday, 22/May/2024:
10:30am - 11:15am

Session Chair: Benjamin Golez, University of Notre Dame
Discussant: Johnathan Loudis, Notre Dame
Location: Room 610


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Presentations

Dogs and cats living together: A defense of cash-flow predictability

Seth Pruitt

ASU

Present-value logic says that aggregate stock prices are driven by discount-rate and cash-flow expectations. Dividends and net repurchases are both cash flows between the firm and household sectors. Aggregate dividend-price ratios do not forecast dividend growth, but do robustly forecast future buybacks and issuance. Long-run variance decompositions say that discount-rate and cash-flow expectations contribute equally to aggregate dividend-price-ratio variation.


Pruitt-Dogs and cats living together-1261.pdf


 
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