. This study shows that the contractual features of the Iska also raised deeper issues of risk sharing and shirking in the …

incorporate dynamic expectations about the level of systematic risk in the economy. Our model explains recent empirical findings … documenting a strong negative association between changes in economy-wide risk and future stock returns. Importantly, the model …-of-sample tests than traditional models that ignore dynamic risk expectations …

incorporate dynamic expectations about the level of systematic risk in the economy. Our model explains recent empirical findings … documenting a strong negative association between changes in economy-wide risk and future stock returns. Importantly, the model …-of-sample tests than traditional models that ignore dynamic risk expectations …