Past Downside Asymmetric Dependence and Future Re Sample Clauses

Past Downside Asymmetric Dependence and Future Re turns‌ The empirical results in Section 2.3 demonstrate significant positive relationship between high downside (asymmetric) dependence with the market and the average stock returns over the same period. If the dependence characteristics are stable or predictable over time, then investors can exploit this cross-sectional return relationship and form investable trading strategies based on stocks’ asymmetric exposure to the downside risk and upside risk. Since portfolios formed based on contemporaneous DownAsy gives the highest return spread as shown in Table 2.2, in this section, I examine the time-series persistence of downside asymmetric dependence and check if we can predict such asymmetric downside risk exposure in a future period using prior information.
Sample 1
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