I'm trying to read these sentences but I don't know how to read fluently.
If you give a hand, I'll read these sentences as fulently as a native speaker.
I hope you help me.
Thanks in advance.
Expected returns on common stocks and long-term bonds contain a term or maturity premium that has a clear business-cycle pattern (low near peaks, high near troughs). Expected returns also contain a risk premium that is related to longer-term aspects of business conditions. The variation through time in this premium is stronger for low-grade bonds than for high-grade bonds and stronger for stocks than for bonds. The general message is that expected returns are lower when economic conditions are strong and higher when conditions are weak.
There is mounting evidence that stock and bond returns are predictable. Some argue that predictability implies market inefficiency. Others contend that it is a result of rational variation in expected returns. We offer evidence on this issue. The evidence centers on whether there is a coherent story that relates the variation through time of expected returns on bonds and stocks to business conditions. The specific questions we address include:
(1) Do the expected returns on bonds and stocks move together? In particular, do the same variables forecast bond and stock returns?
(2) Is the variation in expected bond and stock returns related to business conditions? Are the relations consistent with intuition, theory, and existing evidence on the exposure of different assets to changes in business conditions?
Thank you but I think that you are uploading "Everyday Clothes" recording file instead of "expected return1".
I'm happy that you show me interests of my request, thank you again.