A unified framework for understanding asset prices and aggregate fluctuations is critical for understanding both issues. I show that a real business cycle model with external habit preferences and capital adjustment costs provides one such framework. The estimated model matches the first two...

Mining 29,000 accounting ratios for t-statistics over 2.0 leads to cross-sectional predictability similar to the peer review process. For both methods, about 50% of predictability remains after the original sample periods. Data mining generates other features of peer review including the rise in...

We provide data and code that successfully reproduces nearly all crosssectional stock return predictors. Unlike most metastudies, we carefully examine the original papers to determine whether our predictability tests should produce t-stats above 1.96. For the 180 predictors that were clearly...

We provide data and code that successfully reproduces nearly all cross-sectional stock return predictors. Unlike most metastudies, we carefully examine the original papers to determine whether our predictability tests should produce t-stats above 1.96. For the 180 predictors that were clearly...

Corporate financing conditions have been rapidly evolving during the COVID-19 outbreak. In this short note, we report a timely measure of financing conditions obtained from machine-reading of earnings conference call transcripts. We find that actions consistent with financial concerns spiked...