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behavior implied by the present value model Section 6 : Check the robustness of our results to changes ... Theoret 와 관계가 없다 과 는 overall correlation 이 사실상 없음에도 불구하고 단기에선 일관성을 보임Comparison of Historical and ... movement 는 상당부분 correlated 되어 있다 . ※ 의 단기 응집성 : log real earnings 의 30- year moving average 일 때 ,How