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We find that the weather induced local employment growth surprises are positively related to the cross section of future local stock returns for up to three months without subsequent reversals. In comparison, neither weather nor reported employment growth can predict future returns. This return...
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variety, such benefits are procyclical, and investors therefore demand higher returns for holding these stocks. Using patent …
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these stocks. A two-factor model including market return and patent activity growth - the proxy for creative destruction …
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