Can Market Incompleteness Resolve Asset Pricing Puzzles?
发现经济萧条中持续存在的不可保险风险可能解决两个著名的资产定价谜题，而在正常经济扩张和衰退中这种风险对均衡资产价格的影响较小。
Abstract: This paper shows that the presence of persistent uninsurable risk concentrated in economic depressions has the potential to resolve two well‐known asset pricing puzzles. It is also shown that the presence of such risk in more normal economic expansions and recessions is likely to be much less relevant in determining equilibrium asset prices.