What cured the TSX Equity index after COVID-19?

Guillaume Ouellet Leblanc, Jean-Sébastien Fontaine & Ryan Shotlander
The TSX index rose by 9.5 percent in November 2020, adding large gains to an already sharp V-shaped recovery. The economic outlook improved at that time as well. We ask whether the stock market gains since last autumn are due to improving forecasts of firms’ earnings.
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