Prior research argues that religiosity increases the ethical behavior and levels of risk aversion of firm managers. To the extent that this is true, more religious countries might exhibit more stability in stock prices. This study tests this assertion by determining whether religiosity in...

This paper presents an empirical evaluation of recently proposed asset pricing models which extend the standard preference specification by a reference level of consumption. The novelty is that we use a broad cross-section of test assets, which provides a level playing field for a comparison to...