Before revision:  Indeed we propose a simple model of the price dynamics in which the return growth depends on three components: a ) a momentum component, naturally justified in terms of agents' belief that expected returns are higher in bullish markets than in bearish ones ;
After revision:  Indeed we propose a simple model of the price dynamics in which the return growth depends on three components: i ) a momentum component, naturally justified in terms of agents' belief that expected returns are higher in bullish markets than in bearish ones ;