We develop a dynamic equilibrium model of complex asset markets with endogenous entry and exit in which the investment technology of investors with more expertise is subject to less asset-specific risk. The joint equilibrium distribution of financial expertise and wealth then determines risk...

Complex assets appear to have high average returns and high Sharpe ratios. However,despite these attractive attributes, participation in complex assets markets is very limited.We argue that this is because investing in complex assets requires a model, and investors'individual models expose them...

We develop a dynamic equilibrium model of complex asset markets with endogenous entry and exit in which the investment technology of investors with more expertise is subject to less asset-specific risk. The joint equilibrium distribution of financial expertise and wealth then determines risk...

This study quantifies firm-specific operating exposure to cumulative unexpected weather variations and examines how it affects earnings predictability and analysts’ forecasts. Two competing hypotheses are tested. The reduction in earnings seasonality hypothesis posits that operating weather...