In the U.S., manufacturing plants grow or die. In contrast, surviving Indian plants exhibit little growth in terms of either employment or output. Indian plants start smaller and stay smaller. Most Indian manufacturing employment is at informal plants with fewer than 10 workers. In the U.S. most...

The Critical Finance Review commissioned Li, Novy-Marx, and Velikov (2017) and Pontiff and Singla (2019) to replicate the results in Pastor and Stambaugh (2003). Both studies successfully replicate our market-wide liquidity measure and find similar estimates of the liquidity risk premium. In the...