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For many benchmark predictor variables, short‐horizon return predictability in the U.S. stock market is local in time as short periods with significant predictability (“pockets”) are interspersed with long periods with no return predictability. We document this result empirically using a flexible time‐varying parameter model that estimates predictive coefficients as a nonparametric function of time...
André Naud was a French‐Canadian Catholic theologian who served as a peritus or advisor to Cardinal Leger, the Archbishop of Montreal at the Second Vatican Council between 1962 and 1965. Naud’s entire theological career was informed by the teachings of the Council. This was the reason why during the Papacy of John Paul II after 1978 he became alarmed at the expansion and the distortion of the authority...
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