New settlement trust provisions in the Tax Cuts and Jobs Act of 2017 have significant implications for Alaska Native Corporation business longevity and the appropriateness of an operating business model given ANC goals as stated in their missions. The Alaska Native Claims Settlement Act...

A model with factors for earnings, liquidity, their respective growth, and the market can offer a consumption rationale with low pricing error. It also subsumes one-year momentum and momentum net of reversal, the factor commonly known as ‘momentum.’ These earnings and liquidity factors are...

Financial intermediary economic growth theory with its empirical findings, along with stock-level factors; both ideally relate to a consumption asset pricing model. Changing liquidity and earnings combined with the market proxy wealth growth, allowing a recursive consumption model with a low...

We combine the market with earnings, liquidity and their respective growth, with motivation via a simple pricing equation, to model the cross-section with three, four and five factors. As first-order variables in widespread investor use for over a hundred years, earnings and liquidity have ready...