Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence

Common risk factors in the returns on stocks and bonds

1993 • 26,177 citations

The equity premium: A puzzle

1985 • 5,686 citations

By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior

1999 • 5,300 citations

Myopic Loss Aversion and the Equity Premium Puzzle

1995 • 2,350 citations

Habit Formation: A Resolution of the Equity Premium Puzzle

1990 • 2,223 citations

Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models

1984 • 2,013 citations

Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models

1982 • 1,846 citations

Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: An Empirical Analysis

1991 • 1,765 citations

The equity premium puzzle and the risk-free rate puzzle

1989 • 1,394 citations

The equity risk premium a solution

1988 • 1,322 citations

Asset Pricing with Heterogeneous Consumers

1996 • 1,248 citations

The consumption of stockholders and nonstockholders

1991 • 1,223 citations

The Theory of Syndicates

1968 • 1,168 citations

Implications of Security Market Data for Models of Dynamic Economies

1991 • 1,158 citations

Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk

2000 • 1,107 citations

Why do so Few Hold Stocks?

1995 • 1,060 citations

Habit Persistence, Asset Returns, and the Business Cycle

2001 • 1,017 citations

A Simple Test of Consumption Insurance

1991 • 1,014 citations

Limited Asset Market Participation and the Elasticity of Intertemporal Substitution

2002 • 1,012 citations

The Equity Premium: It's Still a Puzzle

1996 • 882 citations

Efficiency, Equilibrium, and Asset Pricing with Risk of Default

2000 • 772 citations

The Response of Household Consumption to Income Tax Refunds

1999 • 723 citations

Full Insurance in the Presence of Aggregate Uncertainty

1991 • 702 citations

Evaluating the Effects of Incomplete Markets on Risk Sharing and Asset Pricing

1996 • 683 citations

Evaluating the effects of incomplete markets on risk sharing nad asset pricing

2010 • 666 citations

Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey

1995 • 571 citations

Is the Extended Family Altruistically Linked? Direct Tests Using Micro Data

1992 • 562 citations

Global Stock Markets in the Twentieth Century

1999 • 547 citations

Relative Wage Movements and the Distribution of Consumption

1996 • 513 citations

Junior Can't Borrow: A New Perspective on the Equity Premium Puzzle

2002 • 478 citations

The equity premium and the concentration of aggregate shocks

1986 • 453 citations

An Equilibrium Model with Restricted Stock Market Participation

1998 • 444 citations

MARKET FRICTIONS, SAVINGS BEHAVIOR, AND PORTFOLIO CHOICE

1997 • 413 citations

Finite sample properties of the generalized method of moments in tests of conditional asset pricing models

1994 • 376 citations

Intertemporal Asset Pricing with Heterogeneous Consumers and Without Demand Aggregation

1982 • 366 citations

Habit persistence and durability in aggregate consumption

1991 • 350 citations

Asset returns with transactions costs and uninsured individual risk

1991 • 342 citations

Asset‐pricing Puzzles and Incomplete Markets

1993 • 333 citations

Explaining the Poor Performance of Consumption‐based Asset Pricing Models

2000 • 326 citations

Asset Pricing in Economies with Frictions

1996 • 323 citations

Asset pricing with undiversifiable income risk and short sales constraints

1994 • 286 citations

Asset Holding and Consumption Volatility

2002 • 286 citations

A Monetary Explanation of the Equity Premium, Term Premium, and Risk-Free Rate Puzzles

1996 • 272 citations

Consumption correlatedness and risk measurement in economies with non-traded assets and heterogeneous information

1982 • 253 citations

Market Frictions and Consumption-Based Asset Pricing

1995 • 246 citations

On tests of representative consumer asset pricing models

1990 • 215 citations

Where is the Market Going? Uncertain Facts and Novel Theories

1998 • 187 citations

Asset Pricing with Idiosyncratic Risk and Overlapping Generations

2000 • 165 citations

Idiosyncratic risk and the equity premium: evidence from the consumer expenditure survey

2002 • 155 citations

The equity risk premium: A solution?

1988 • 129 citations

EQUITY-PREMIUM AND RISK-FREE-RATE PUZZLES AT LONG HORIZONS

1997 • 110 citations

Dynamic Equilibrium with Liquidity Constraints

2003 • 97 citations

The equity premium and the allocation of income risk

1992 • 63 citations

Incomplete Markets and Security Prices: Do Asset‐Pricing Puzzles Result from Aggregation Problems?

1999 • 62 citations

Asset Pricing Lessons for Modeling Business Cycles

1995 • 52 citations

The equity premium puzzle and the risk-free rate puzzle at long horizons

1996 • 39 citations

Consumption-Based Asset Pricing with Incomplete Markets

2000 • 21 citations