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120:. The Hansen-Jagannathan (H-J) bound is a type of mean-variance frontier. The main contribution is that it allows us to say something about moments of the stochastic discount factor, which is unobservable, in terms of moments of returns, which can be (in principle) observed. Specifically, given the observed Sharpe ratio (say, around 0.4), the bound tells us that the SDF must be at least just as volatile.
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Otrok, C., Ravikumar, B., Whiteman C.H. (2002). "Evaluating Asset-Pricing Models Using The Hansen-Jagannathan Bound: A Monte Carlo
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