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The Journal of Alternative Investments

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Primary Article

Economic Conditions and Stock Pricing

Parvez Ahmed and Larry J. Lockwood
The Journal of Alternative Investments Winter 2000, 3 (3) 47-52; DOI: https://doi.org/10.3905/jai.2000.318966
Parvez Ahmed
An assistant professor at Pennsylvania State University, Harrisburg, PA.
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Larry J. Lockwood
The C.R. Williams professor of Financial Services at Texas Christian University, Fort Worth, TX.
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Abstract

In this article, we show that the risk premiums associated with key asset allocation risk factors often change significantly over varying stages of the stock market and business cycle. Their findings point out the dangers for portfolio managers setting allocation targets assuming factor risk premiums are constant over time. The findings of this article have implications for investors using stock market sector analysis or business cycle strategies. The results also suggest further research into modeling risk premiums conditioned on economic phases.

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The Journal of Alternative Investments
Vol. 3, Issue 3
Winter 2000
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Economic Conditions and Stock Pricing
Parvez Ahmed, Larry J. Lockwood
The Journal of Alternative Investments Dec 2000, 3 (3) 47-52; DOI: 10.3905/jai.2000.318966

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Economic Conditions and Stock Pricing
Parvez Ahmed, Larry J. Lockwood
The Journal of Alternative Investments Dec 2000, 3 (3) 47-52; DOI: 10.3905/jai.2000.318966
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