Yale International Center for Finance

@yaleicf.bsky.social

Providing academic & professional support for research in financial economics. icf.som.yale.edu

Procyclical stocks, those whose cash flows rise with expected economic growth, earn higher average returns than countercyclical stocks, from William N. Goetzmann, Akiko Watanabe, and Masahiro Watanabe www.nber.org/papers/w34402

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