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I would like to ask a question if you download the data from the Amit Goyal website: http://www.hec.unil.ch/agoyal/

You will see that there are two columns "CRSP_SPvw" "CRSP_SPvwx", they are represent the equity premium. But what is the difference?

Thank you in advance.

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CRSP_SPvw includes dividends and CRSP_SPvwx excluding dividends.

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