In this paper we show that temperature is an aggregate risk factor that adversely affects economic growth. Our argument … temperature (i.e., temperature betas) contains sharp information about the cross-country risk premium; countries closer to the … Equator carry a positive temperature risk premium which decreases as one moves farther away from the Equator. The differences …

a key determinant of risk premia at all investment horizons. As the investment horizon increases, transitory risks …

We estimate the risk and expected returns of private equity investments based on the market prices of exchange …

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 …

bond yields. The result holds even when controlling for the default risk on corporate bonds. We argue that the corporate …

geometrically. If market makers are sufficiently risk averse, however, the cross-correlation pattern is inverted. Our results are …

The expected time- and risk-adjusted cumulative return on any asset equals one at all horizons. Nonetheless, I show … that a typical asset's realized time- and risk-adjusted cumulative return tends to zero almost surely. As a corollary, the …