Get quick answers to your questions about the article from our AI researcher chatbot
{'id': 'https://openalex.org/W3121456775', 'doi': 'https://doi.org/10.1111/j.1540-6261.2007.01201.x', 'title': 'Why Is Long‐Horizon Equity Less Risky? A Duration‐Based Explanation of the Value Premium', 'display_name': 'Why Is Long‐Horizon Equity Less Risky? A Duration‐Based Explanation of the Value Premium', 'publication_year': 2007, 'publication_date': '2007-01-11', 'ids': {'openalex': 'https://openalex.org/W3121456775', 'doi': 'https://doi.org/10.1111/j.1540-6261.2007.01201.x', 'mag': '3121456775'}, 'language': 'en', 'primary_location': {'is_oa': True, 'landing_page_url': 'https://doi.org/10.1111/j.1540-6261.2007.01201.x', 'pdf_url': 'https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1540-6261.2007.01201.x', 'source': {'id': 'https://openalex.org/S5353659', 'display_name': 'The Journal of Finance', 'issn_l': '0022-1082', 'issn': ['0022-1082', '1540-6261'], 'is_oa': False, 'is_in_doaj': False, 'is_core': True, 'host_organization': 'https://openalex.org/P4310320595', 'host_organization_name': 'Wiley', 'host_organization_lineage': ['https://openalex.org/P4310320595'], 'host_organization_lineage_names': ['Wiley'], 'type': 'journal'}, 'license': None, 'license_id': None, 'version': 'publishedVersion', 'is_accepted': True, 'is_published': True}, 'type': 'article', 'type_crossref': 'journal-article', 'indexed_in': ['crossref'], 'open_access': {'is_oa': True, 'oa_status': 'bronze', 'oa_url': 'https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1540-6261.2007.01201.x', 'any_repository_has_fulltext': True}, 'authorships': [{'author_position': 'first', 'author': {'id': 'https://openalex.org/A5033095024', 'display_name': 'Martin Lettau', 'orcid': 'https://orcid.org/0000-0003-4049-4706'}, 'institutions': [], 'countries': [], 'is_corresponding': False, 'raw_author_name': 'Martin Lettau', 'raw_affiliation_strings': [], 'affiliations': []}, {'author_position': 'last', 'author': {'id': 'https://openalex.org/A5033907317', 'display_name': 'Jessica A. Wachter', 'orcid': 'https://orcid.org/0000-0003-4162-7750'}, 'institutions': [{'id': 'https://openalex.org/I1321305853', 'display_name': 'National Bureau of Economic Research', 'ror': 'https://ror.org/04grmx538', 'country_code': 'US', 'type': 'nonprofit', 'lineage': ['https://openalex.org/I1321305853']}], 'countries': ['US'], 'is_corresponding': False, 'raw_author_name': 'Jessica A. Wachter', 'raw_affiliation_strings': ['Lettau is at the Stern School of Business at New York University. Wachter is at the Wharton School at the University of Pennsylvania. The authors thank Andrew Abel, Jonathan Berk, John Campbell, David Chapman, John Cochrane, Lars Hansen, Leonid Kogan, Sydney Ludvigson, Anthony Lynch, Stijn Van Niewerburgh, an anonymous referee, and seminar participants at the 2004 National Bureau of Economic Research Summer Institute, the 2005 Society of Economic Dynamics meetings, the 2005 Western Finance Association Meetings, Duke University, New York University, Pennsylvania State University, University of British Columbia, University of Chicago, University of Pennsylvania, and Yale University for helpful comments.'], 'affiliations': [{'raw_affiliation_string': 'Lettau is at the Stern School of Business at New York University. Wachter is at the Wharton School at the University of Pennsylvania. The authors thank Andrew Abel, Jonathan Berk, John Campbell, David Chapman, John Cochrane, Lars Hansen, Leonid Kogan, Sydney Ludvigson, Anthony Lynch, Stijn Van Niewerburgh, an anonymous referee, and seminar participants at the 2004 National Bureau of Economic Research Summer Institute, the 2005 Society of Economic Dynamics meetings, the 2005 Western Finance Association Meetings, Duke University, New York University, Pennsylvania State University, University of British Columbia, University of Chicago, University of Pennsylvania, and Yale University for helpful comments.', 'institution_ids': ['https://openalex.org/I1321305853']}]}], 'countries_distinct_count': 1, 'institutions_distinct_count': 1, 'corresponding_author_ids': [], 'corresponding_institution_ids': [], 'apc_list': {'value': 4020, 'currency': 'USD', 'value_usd': 4020, 'provenance': 'doaj'}, 'apc_paid': None, 'fwci': 18.467, 'has_fulltext': False, 'cited_by_count': 478, 'citation_normalized_percentile': {'value': 0.999884, 'is_in_top_1_percent': True, 'is_in_top_10_percent': True}, 'cited_by_percentile_year': {'min': 99, 'max': 100}, 'biblio': {'volume': '62', 'issue': '1', 'first_page': '55', 'last_page': '92'}, 'is_retracted': False, 'is_paratext': False, 'primary_topic': {'id': 'https://openalex.org/T10047', 'display_name': 'Asset Pricing and Market Efficiency', 'score': 0.9995, 'subfield': {'id': 'https://openalex.org/subfields/2003', 'display_name': 'Finance'}, 'field': {'id': 'https://openalex.org/fields/20', 'display_name': 'Economics, Econometrics and Finance'}, 'domain': {'id': 'https://openalex.org/domains/2', 'display_name': 'Social Sciences'}}, 'topics': [{'id': 'https://openalex.org/T10047', 'display_name': 'Asset Pricing and Market Efficiency', 'score': 0.9995, 'subfield': {'id': 'https://openalex.org/subfields/2003', 'display_name': 'Finance'}, 'field': {'id': 'https://openalex.org/fields/20', 'display_name': 'Economics, Econometrics and Finance'}, 'domain': {'id': 'https://openalex.org/domains/2', 'display_name': 'Social Sciences'}}, {'id': 'https://openalex.org/T12675', 'display_name': 'Value-based Management and Economic Performance Measurement', 'score': 0.997, 'subfield': {'id': 'https://openalex.org/subfields/1408', 'display_name': 'Strategy and Management'}, 'field': {'id': 'https://openalex.org/fields/14', 'display_name': 'Business, Management and Accounting'}, 'domain': {'id': 'https://openalex.org/domains/2', 'display_name': 'Social Sciences'}}, {'id': 'https://openalex.org/T10019', 'display_name': 'Corporate Governance and Financial Performance', 'score': 0.9968, 'subfield': {'id': 'https://openalex.org/subfields/1402', 'display_name': 'Accounting'}, 'field': {'id': 'https://openalex.org/fields/14', 'display_name': 'Business, Management and Accounting'}, 'domain': {'id': 'https://openalex.org/domains/2', 'display_name': 'Social Sciences'}}], 'keywords': [{'id': 'https://openalex.org/keywords/value-premium', 'display_name': 'Value premium', 'score': 0.85179627}, {'id': 'https://openalex.org/keywords/equity-premium-puzzle', 'display_name': 'Equity premium puzzle', 'score': 0.6187883}, {'id': 'https://openalex.org/keywords/shareholder-value', 'display_name': 'Shareholder Value', 'score': 0.543607}, {'id': 'https://openalex.org/keywords/cash-flow-valuation', 'display_name': 'Cash Flow Valuation', 'score': 0.528576}, {'id': 'https://openalex.org/keywords/dividend-policy', 'display_name': 'Dividend Policy', 'score': 0.521208}, {'id': 'https://openalex.org/keywords/asset-pricing', 'display_name': 'Asset Pricing', 'score': 0.520447}, {'id': 'https://openalex.org/keywords/market-value-added', 'display_name': 'Market Value Added', 'score': 0.516423}, {'id': 'https://openalex.org/keywords/value', 'display_name': 'Value (mathematics)', 'score': 0.48358887}, {'id': 'https://openalex.org/keywords/equity', 'display_name': 'Equity (law)', 'score': 0.47520718}, {'id': 'https://openalex.org/keywords/stochastic-discount-factor', 'display_name': 'Stochastic discount factor', 'score': 0.4506139}, {'id': 'https://openalex.org/keywords/growth-stock', 'display_name': 'Growth stock', 'score': 0.437843}, {'id': 'https://openalex.org/keywords/present-value', 'display_name': 'Present value', 'score': 0.4205134}], 'concepts': [{'id': 'https://openalex.org/C2775933567', 'wikidata': 'https://www.wikidata.org/wiki/Q7912771', 'display_name': 'Value premium', 'level': 3, 'score': 0.85179627}, {'id': 'https://openalex.org/C162324750', 'wikidata': 'https://www.wikidata.org/wiki/Q8134', 'display_name': 'Economics', 'level': 0, 'score': 0.78895986}, {'id': 'https://openalex.org/C116168712', 'wikidata': 'https://www.wikidata.org/wiki/Q181201', 'display_name': 'Dividend', 'level': 2, 'score': 0.6496559}, {'id': 'https://openalex.org/C101161028', 'wikidata': 'https://www.wikidata.org/wiki/Q129096', 'display_name': 'Equity premium puzzle', 'level': 3, 'score': 0.6187883}, {'id': 'https://openalex.org/C181236170', 'wikidata': 'https://www.wikidata.org/wiki/Q848354', 'display_name': 'Capital asset pricing model', 'level': 2, 'score': 0.6139287}, {'id': 'https://openalex.org/C149782125', 'wikidata': 'https://www.wikidata.org/wiki/Q160039', 'display_name': 'Econometrics', 'level': 1, 'score': 0.5629911}, {'id': 'https://openalex.org/C163428354', 'wikidata': 'https://www.wikidata.org/wiki/Q1047513', 'display_name': 'Cash flow', 'level': 2, 'score': 0.5133657}, {'id': 'https://openalex.org/C106159729', 'wikidata': 'https://www.wikidata.org/wiki/Q2294553', 'display_name': 'Financial economics', 'level': 1, 'score': 0.50138855}, {'id': 'https://openalex.org/C2776291640', 'wikidata': 'https://www.wikidata.org/wiki/Q2912517', 'display_name': 'Value (mathematics)', 'level': 2, 'score': 0.48358887}, {'id': 'https://openalex.org/C151541453', 'wikidata': 'https://www.wikidata.org/wiki/Q523022', 'display_name': 'Risk premium', 'level': 2, 'score': 0.48097908}, {'id': 'https://openalex.org/C199728807', 'wikidata': 'https://www.wikidata.org/wiki/Q2578557', 'display_name': 'Equity (law)', 'level': 2, 'score': 0.47520718}, {'id': 'https://openalex.org/C33175817', 'wikidata': 'https://www.wikidata.org/wiki/Q3740200', 'display_name': 'Stochastic discount factor', 'level': 3, 'score': 0.4506139}, {'id': 'https://openalex.org/C143591128', 'wikidata': 'https://www.wikidata.org/wiki/Q1746791', 'display_name': 'Growth stock', 'level': 5, 'score': 0.437843}, {'id': 'https://openalex.org/C556758197', 'wikidata': 'https://www.wikidata.org/wiki/Q580018', 'display_name': 'Monetary economics', 'level': 1, 'score': 0.43711802}, {'id': 'https://openalex.org/C6927289', 'wikidata': 'https://www.wikidata.org/wiki/Q1100466', 'display_name': 'Present value', 'level': 2, 'score': 0.4205134}, {'id': 'https://openalex.org/C2780299701', 'wikidata': 'https://www.wikidata.org/wiki/Q475000', 'display_name': 'Stock market', 'level': 3, 'score': 0.373182}, {'id': 'https://openalex.org/C33923547', 'wikidata': 'https://www.wikidata.org/wiki/Q395', 'display_name': 'Mathematics', 'level': 0, 'score': 0.114762515}, {'id': 'https://openalex.org/C10138342', 'wikidata': 'https://www.wikidata.org/wiki/Q43015', 'display_name': 'Finance', 'level': 1, 'score': 0.10893533}, {'id': 'https://openalex.org/C12747933', 'wikidata': 'https://www.wikidata.org/wiki/Q13405082', 'display_name': 'Stock market bubble', 'level': 4, 'score': 0.078493446}, {'id': 'https://openalex.org/C105795698', 'wikidata': 'https://www.wikidata.org/wiki/Q12483', 'display_name': 'Statistics', 'level': 1, 'score': 0.06805554}, {'id': 'https://openalex.org/C2780762169', 'wikidata': 'https://www.wikidata.org/wiki/Q5905368', 'display_name': 'Horse', 'level': 2, 'score': 0.0}, {'id': 'https://openalex.org/C151730666', 'wikidata': 'https://www.wikidata.org/wiki/Q7205', 'display_name': 'Paleontology', 'level': 1, 'score': 0.0}, {'id': 'https://openalex.org/C17744445', 'wikidata': 'https://www.wikidata.org/wiki/Q36442', 'display_name': 'Political science', 'level': 0, 'score': 0.0}, {'id': 'https://openalex.org/C199539241', 'wikidata': 'https://www.wikidata.org/wiki/Q7748', 'display_name': 'Law', 'level': 1, 'score': 0.0}, {'id': 'https://openalex.org/C86803240', 'wikidata': 'https://www.wikidata.org/wiki/Q420', 'display_name': 'Biology', 'level': 0, 'score': 0.0}], 'mesh': [], 'locations_count': 4, 'locations': [{'is_oa': True, 'landing_page_url': 'https://doi.org/10.1111/j.1540-6261.2007.01201.x', 'pdf_url': 'https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1540-6261.2007.01201.x', 'source': {'id': 'https://openalex.org/S5353659', 'display_name': 'The Journal of Finance', 'issn_l': '0022-1082', 'issn': ['0022-1082', '1540-6261'], 'is_oa': False, 'is_in_doaj': False, 'is_core': True, 'host_organization': 'https://openalex.org/P4310320595', 'host_organization_name': 'Wiley', 'host_organization_lineage': ['https://openalex.org/P4310320595'], 'host_organization_lineage_names': ['Wiley'], 'type': 'journal'}, 'license': None, 'license_id': None, 'version': 'publishedVersion', 'is_accepted': True, 'is_published': True}, {'is_oa': True, 'landing_page_url': 'http://www.nber.org/papers/w11144.pdf', 'pdf_url': 'http://www.nber.org/papers/w11144.pdf', 'source': {'id': 'https://openalex.org/S4306401271', 'display_name': 'RePEc: Research Papers in Economics', 'issn_l': None, 'issn': None, 'is_oa': True, 'is_in_doaj': False, 'is_core': False, 'host_organization': 'https://openalex.org/I77793887', 'host_organization_name': 'Federal Reserve Bank of St. Louis', 'host_organization_lineage': ['https://openalex.org/I77793887'], 'host_organization_lineage_names': ['Federal Reserve Bank of St. Louis'], 'type': 'repository'}, 'license': None, 'license_id': None, 'version': 'publishedVersion', 'is_accepted': True, 'is_published': True}, {'is_oa': True, 'landing_page_url': 'https://repository.upenn.edu/cgi/viewcontent.cgi?article=1120&context=fnce_papers', 'pdf_url': 'https://repository.upenn.edu/cgi/viewcontent.cgi?article=1120&context=fnce_papers', 'source': {'id': 'https://openalex.org/S4306402083', 'display_name': 'ScholarlyCommons (University of Pennsylvania)', 'issn_l': None, 'issn': None, 'is_oa': True, 'is_in_doaj': False, 'is_core': False, 'host_organization': 'https://openalex.org/I79576946', 'host_organization_name': 'University of Pennsylvania', 'host_organization_lineage': ['https://openalex.org/I79576946'], 'host_organization_lineage_names': ['University of Pennsylvania'], 'type': 'repository'}, 'license': None, 'license_id': None, 'version': 'submittedVersion', 'is_accepted': False, 'is_published': False}, {'is_oa': True, 'landing_page_url': 'https://repository.upenn.edu/fnce_papers/300', 'pdf_url': 'https://repository.upenn.edu/bitstreams/02607cae-3723-4381-a7f5-564efe18486f/download', 'source': {'id': 'https://openalex.org/S4306402083', 'display_name': 'ScholarlyCommons (University of Pennsylvania)', 'issn_l': None, 'issn': None, 'is_oa': True, 'is_in_doaj': False, 'is_core': False, 'host_organization': 'https://openalex.org/I79576946', 'host_organization_name': 'University of Pennsylvania', 'host_organization_lineage': ['https://openalex.org/I79576946'], 'host_organization_lineage_names': ['University of Pennsylvania'], 'type': 'repository'}, 'license': None, 'license_id': None, 'version': 'submittedVersion', 'is_accepted': False, 'is_published': False}], 'best_oa_location': {'is_oa': True, 'landing_page_url': 'https://doi.org/10.1111/j.1540-6261.2007.01201.x', 'pdf_url': 'https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1540-6261.2007.01201.x', 'source': {'id': 'https://openalex.org/S5353659', 'display_name': 'The Journal of Finance', 'issn_l': '0022-1082', 'issn': ['0022-1082', '1540-6261'], 'is_oa': False, 'is_in_doaj': False, 'is_core': True, 'host_organization': 'https://openalex.org/P4310320595', 'host_organization_name': 'Wiley', 'host_organization_lineage': ['https://openalex.org/P4310320595'], 'host_organization_lineage_names': ['Wiley'], 'type': 'journal'}, 'license': None, 'license_id': None, 'version': 'publishedVersion', 'is_accepted': True, 'is_published': True}, 'sustainable_development_goals': [{'display_name': 'No poverty', 'score': 0.45, 'id': 'https://metadata.un.org/sdg/1'}], 'grants': [], 'datasets': [], 'versions': [], 'referenced_works_count': 77, 'referenced_works': ['https://openalex.org/W146798550', 'https://openalex.org/W1519979902', 'https://openalex.org/W1536779365', 'https://openalex.org/W1608453074', 'https://openalex.org/W186209714', 'https://openalex.org/W1950700895', 'https://openalex.org/W1966052319', 'https://openalex.org/W1970035215', 'https://openalex.org/W1974449776', 'https://openalex.org/W1975161917', 'https://openalex.org/W1992563875', 'https://openalex.org/W2029056003', 'https://openalex.org/W2037962672', 'https://openalex.org/W2039873584', 'https://openalex.org/W2047001935', 'https://openalex.org/W2052398032', 'https://openalex.org/W2066364675', 'https://openalex.org/W2068629725', 'https://openalex.org/W2073465757', 'https://openalex.org/W2098909994', 'https://openalex.org/W2101755808', 'https://openalex.org/W2104964789', 'https://openalex.org/W2110521063', 'https://openalex.org/W2111193193', 'https://openalex.org/W2117178635', 'https://openalex.org/W2117334172', 'https://openalex.org/W2123518587', 'https://openalex.org/W2128475248', 'https://openalex.org/W2130830554', 'https://openalex.org/W2144965980', 'https://openalex.org/W2149170345', 'https://openalex.org/W2149180867', 'https://openalex.org/W2158043447', 'https://openalex.org/W2159723913', 'https://openalex.org/W2166215547', 'https://openalex.org/W2166406699', 'https://openalex.org/W2170415678', 'https://openalex.org/W2173913116', 'https://openalex.org/W2891003726', 'https://openalex.org/W3021527028', 'https://openalex.org/W3023246137', 'https://openalex.org/W3023524328', 'https://openalex.org/W3023906401', 'https://openalex.org/W3121369950', 'https://openalex.org/W3121790069', 'https://openalex.org/W3122119879', 'https://openalex.org/W3122183263', 'https://openalex.org/W3122257378', 'https://openalex.org/W3122467370', 'https://openalex.org/W3122553623', 'https://openalex.org/W3122561658', 'https://openalex.org/W3122649028', 'https://openalex.org/W3122673712', 'https://openalex.org/W3122764680', 'https://openalex.org/W3122901086', 'https://openalex.org/W3123952677', 'https://openalex.org/W3123957507', 'https://openalex.org/W3124126674', 'https://openalex.org/W3124155838', 'https://openalex.org/W3124285986', 'https://openalex.org/W3124466994', 'https://openalex.org/W3124536539', 'https://openalex.org/W3124579359', 'https://openalex.org/W3124636846', 'https://openalex.org/W3124704554', 'https://openalex.org/W3124909920', 'https://openalex.org/W3125017137', 'https://openalex.org/W3125275455', 'https://openalex.org/W3125462118', 'https://openalex.org/W3126059480', 'https://openalex.org/W3126115617', 'https://openalex.org/W3126119978', 'https://openalex.org/W3135481504', 'https://openalex.org/W4205545119', 'https://openalex.org/W4214500718', 'https://openalex.org/W4252853383', 'https://openalex.org/W82250704'], 'related_works': ['https://openalex.org/W636436771', 'https://openalex.org/W4312372367', 'https://openalex.org/W3148812461', 'https://openalex.org/W2914293927', 'https://openalex.org/W2811326135', 'https://openalex.org/W2507862247', 'https://openalex.org/W2264174207', 'https://openalex.org/W2138902532', 'https://openalex.org/W1532324948', 'https://openalex.org/W1511976816'], 'abstract_inverted_index': {'ABSTRACT': [0], 'We': [1], 'propose': [2], 'a': [3], 'dynamic': [4], 'risk‐based': [5], 'model': [6, 48, 78], 'that': [7, 32, 50], 'captures': [8], 'the': [9, 20, 42, 56, 77, 81, 85, 93, 97], 'value': [10, 61, 83, 90], 'premium.': [11], 'Firms': [12], 'are': [13, 37, 45], 'modeled': [14], 'as': [15], 'long‐lived': [16], 'assets': [17], 'distinguished': [18], 'by': [19], 'timing': [21], 'of': [22, 96], 'cash': [23, 67], 'flows.': [24, 68], 'The': [25, 47], 'stochastic': [26], 'discount': [27, 43, 57], 'factor': [28], 'is': [29], 'specified': [30], 'so': [31], 'shocks': [33, 40], 'to': [34, 41, 71], 'aggregate': [35, 73], 'dividends': [36], 'priced,': [38], 'but': [39], 'rate': [44, 58], 'not.': [46], 'implies': [49], 'growth': [51], 'firms': [52], 'covary': [53, 64], 'more': [54, 65], 'with': [55, 66], 'than': [59], 'do': [60], 'firms,': [62, 91], 'which': [63], 'When': [69], 'calibrated': [70], 'explain': [72], 'stock': [74], 'market': [75], 'behavior,': [76], 'accounts': [79], 'for': [80], 'observed': [82], 'premium,': [84], 'high': [86], 'Sharpe': [87], 'ratios': [88], 'on': [89], 'and': [92], 'poor': [94], 'performance': [95], 'CAPM.': [98]}, 'cited_by_api_url': 'https://api.openalex.org/works?filter=cites:W3121456775', 'counts_by_year': [{'year': 2024, 'cited_by_count': 13}, {'year': 2023, 'cited_by_count': 39}, {'year': 2022, 'cited_by_count': 23}, {'year': 2021, 'cited_by_count': 39}, {'year': 2020, 'cited_by_count': 36}, {'year': 2019, 'cited_by_count': 27}, {'year': 2018, 'cited_by_count': 18}, {'year': 2017, 'cited_by_count': 22}, {'year': 2016, 'cited_by_count': 20}, {'year': 2015, 'cited_by_count': 24}, {'year': 2014, 'cited_by_count': 23}, {'year': 2013, 'cited_by_count': 34}, {'year': 2012, 'cited_by_count': 33}], 'updated_date': '2024-09-11T14:45:22.219513', 'created_date': '2021-02-01'}