This paper measures the effects of the risk of war on nine U.S. financial variables using a heteroskedasticity …-based estimation technique. The results indicate that increases in the risk of war cause declines in Treasury yields and equity prices …, a widening of lower-grade corporate spreads, a fall in the dollar, and a rise in oil prices. This war risk factor …

components of systematic and diversifiable risk. Focusing on two periods around the 1973 switch from fixed to floating exchange … increase in total volatility led to a significant increase in market risk (beta) for the multinational firms relative to the …

estimates that are of the same sign and similar in magnitude. Positive exposure to capital share risk earns a positive risk …A single macroeconomic factor based on growth in the capital share of aggregate income exhibits significant explanatory … power for expected returns across a range of equity characteristic portfolios and non-equity asset classes, with risk price …

We pursue a cross-country comparison of relative financial readiness of older households in Japan and the Republic of …

This paper provides a theory-based empirical framework for understanding the risk and return on productive capital … assets and their allocation across activities in an economy characterized by idiosyncratic and aggregate risk and thin formal … extensive networks, taking advantage of panel data: income, assets, consumption, gifts, and loans. We decompose risk and …

, inflation, the output gap, and cash flow growth. We also view risk aversion, uncertainty about inflation and output, and …

risk premiums are not significantly different, nor is the cross-sectional relationship between average returns and the …