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

We develop a tractable general equilibrium framework providing a direct mapping between (i) the supply and demand for … capital supply, while firm profitability drives demand. Heterogeneity in supply and demand factors determines the sign of the …, investment, and profitability. We estimate the supply and demand schedules of over 4,000 U.S. firms and verify that the model …

, 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 …

We show that mutual fund ratings generate correlated demand that creates systematic price fluctuations. Mutual fund …. Style-level correlated demand via mutual funds immediately became muted, significantly altering the time-series and cross …

, 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 …