Expected returns

Beginning with a comprehensive introduction and overview, "Expected Returns" analyzes the historical record, provides an overview of terminology, explores rational and behavioral theories, and examines alternative interpretations of return predictability. A series of case studies offers a detailed analysis of assets (stocks, bonds, and credit risk premiums as well as alternative asset classes), dynamic strategy styles (value, carry, momentum, volatility), and underlying risk factors (growth, inflation, liquidity, and tail risks), before returning to broader topics, including time-varying expected returns and seasonal, cyclical, and secular return patterns.