accounting for sales variation across merchants, across stores within retail chains, and over time for individual merchants and … stores. Customers, as opposed to transactions per customer or dollar sales per transaction, consistently account for about 80 …% of sales variation. The top 1% of growing and shrinking merchants account for about 70% of customer and sales …

Measured as yield spreads against AAA corporate bonds, the convenience premium of agency MBS averages 47 basis points …

We document that the convenience yield of U.S. Treasuries exhibits properties that are consistent with a hedging … perspective of safe assets. The convenience yield tends to be low when the covariance of Treasury returns with the aggregate stock … yield, the frictionless risk-free rate, and default risk reveals that the covariance between stock returns and the …

Using a century of data, we show that Treasury convenience yield and inflation comove positively during the …