We document the empirical fact that asset prices in the consumption-goods and investment-goods sector behave almost …

This paper provides evidence to the importance of revisions in expected unemployment rate in the cross …-sectional pricing of individual stocks. We introduce a measure of unemployment beta which quantifies monthly-varying stock sensitivity … to the innovations in forecasted unemployment rate. Stocks in the lowest unemployment beta decile generate 7% more …

We investigate both theoretically and empirically how unemployment level and its growth affect future stock returns. We … find that both a higher unemployment rate and higher growth of unemployment positively predict future stock market returns … reinforce each other making stock returns exceptionally high in periods of high unemployment and high unemployment growth. Our …

/services and the investment/output ratio in the period 1950-2015. We find that the calibrated model displays a decline of the real …

likely to discuss labor shortage. Once they do, their current hiring and future investment rate drop, leverage and book to …

We develop a model of investment with financial constraints and use it to investigate the relation between investment … between q and investment, relative to the frictionless benchmark. We present a calibrated version of the model, which, due to … this effect, generates realistic correlations between investment, q, and cash flow. …

We develop a model of investment with financial constraints and use it to investigate the relation between investment … between q and investment, relative to the frictionless benchmark. We present a calibrated version of the model, which, due to … this effect, generates realistic correlations between investment, q, and cash flow. -- Financial constraints ; investment …