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Join in the pun! Hundreds of riddles, charades, puzzles, and word games - accompanied by charming illustrations - promise to keep readers of all ages chuckling for hours. Test your wits with a small sample of the many jests in store:What makes the Tower of Pisa lean?It never eats.What is the most difficult train to catch?The 12:50, because it's 10 to 1 if you catch it.What is the richest country in the world?Ireland, because its capital is always Dublin.Why does lightning shock people?Because it doesn't know how to conduct itself.What part of London is in France?The letter N.When a lady faints

Riddles, Juvenile. --- Riddles, Juvenile

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We use traded equity dividend strips from U.S., Europe, and Japan from 2004-2017 to study the slope of the term structure of equity dividend risk premia. In the data, a robust finding is that the term structure of dividend risk premia (growth rates) is positively (negatively) sloped in expansions and negatively (positively) sloped in recessions. We develop a consumption-based regime switching model which matches these robust data-features and the historical probabilities of recession and expansion regimes. The unconditional population term structure of dividend-risk premia in the regime-switching model, as in standard asset pricing models (habits and long-run risks), is increasing with maturity. The regime-switching model also features a declining average term structure of dividend risk-premia if recessions are over-represented in a short sample, as is the case in the data sample from Europe and Japan. In sum, our analysis shows that the empirical evidence in dividend strips is entirely consistent with a positively sloped term structure of dividend risk-premia as implied by standard asset pricing models.