The Journal of Business, Vol. 79, No. 2 (March 2006), pp. 941-961 (21 pages) In this paper, we construct a new variance bound on any stochastic discount factor (SDF) of the form \documentclass{aastex} ...
Stochastic volatility is the unpredictable nature of asset price volatility over time. It's a flexible alternative to the Black Scholes' constant volatility assumption.
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