This paper studies the pricing impact of aggregate shifts in the U.S. demand for foreign stocks on the cross-section of … periods when the demand for foreign equity is likely to fall, i.e. following reduced wealth, increased uncertainty, and …

.S. stock prices. A positive U.S. oil supply shock has a positive impact on U.S. real stock returns. Oil demand and supply …

, arises because these models load all uncertainty onto the supply side of the economy. We propose a simple theory of asset … pricing in which demand shocks play a central role. These shocks give rise to valuation risk that allows the model to account …

has received little empirical documentation regarding its demand, supply, or pricing. This paper bridges the gap. First, I …