Empirical assessment of present value relations
综述了现值关系的估计与检验文献，通过模拟实验比较了24种检验统计量，并应用于标准普尔500指数的实际股价与股息数据，结合蒙特卡洛结果进行解释。
This paper summarizes the literature on estimation and testing of present value relations. Twenty-four test statistics are illustrated and compared in a simulation experiment utilizing six different data generation models. The test statistics are calculated for actual Standard and Poor's 500 annual stock price and dividend data, and the results are interpreted in light of the Monte Carlo experiments.