In this paper we show that temperature is an aggregate risk factor that adversely affects economic growth. Our argument is based on evidence from global capital markets which shows that the covariance between country equity returns and temperature (i.e., temperature betas) contains sharp...

In this paper we show that temperature is an aggregate risk factor that adversely affects economic growth. Our argument is based on evidence from global capital markets which shows that the covariance between country equity returns and temperature (i.e., temperature betas) contains sharp...

Does better performance lead to more assets? We examine nearly 30,000 mutual funds to determine the effect that a funds outperformance relative to its peers has on the funds later asset size. We find that a fund that earns ten percent more than the size-weighted average of its peers in its style...