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A risk factor linked to aggregate equity issuance conditions explains the empirical performance of investment factors based on the asset growth anomaly of Cooper, Gulen, and Schill (2008). This new risk factor, dubbed equity financing risk (EFR) factor, subsumes investment factors in leading...
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. Insurance premiums (rates) are subject to significant regulations at a state level in the United States. Using novel data on … regulations appear most restrictive. We identify two sources behind the decoupling. First, in high friction states, rates have not …
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