Valuation Risk and Asset Pricing
标准模型因将所有不确定性归因于供给面，无法解释股票收益与消费等基本面弱相关。本文引入需求冲击产生的估值风险，解释了股票溢价、债券期限溢价等关键资产定价现象。
ABSTRACT Standard representative‐agent models fail to account for the weak correlation between stock returns and measurable fundamentals, such as consumption and output growth. This failing, which underlies virtually all modern asset pricing puzzles, arises because these models load all uncertainty onto the supply side of the economy. We propose a simple theory of asset pricing in which demand shocks play a central role. These shocks give rise to valuation risk that allows the model to account for key asset pricing moments, such as the equity premium, the bond term premium, and the weak correlation between stock returns and fundamentals.