The Returns to Entrepreneurial Investment: A Private ...

“ equity premium puzzle” of Lars P. Hansen and Kenneth J. Singleton (1983) and Rajnish Mehra and Edward C. Prescott (1985). Resolutions of the high average return on public equity, which rely on homogeneous agents with very large values of risk aversion [e.g., John Campbell and John Cochrane (1999)], seem at odds with the ................
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