We find that optimal executive hiring decisions at the individual firm level can lead to reduced wealth for investors …

We document the empirical fact that asset prices in the consumption-goods and investment-goods sector behave almost … identically in the US economy. In order to derive the cyclical behavior of the equity returns in these two sectors, we consider a … empirical fact that equity returns in the two sectors are not correlated with output. …

We document the empirical fact that asset prices in the consumption-goods and investment-goods sector behave almost … identically in the US economy. In order to derive the cyclical behavior of the equity returns in these two sectors, we onsider a … empirical fact that equity returns in the two sectors are not correlated with output. …

Returns merely based on one purchasing price of an asset are uninformative for people regularly contributing to their … literature, giving an overly optimistic view of expected long-term stock market returns and risks. Moreover, around business … exists differ substantially. This article compares risk and returns for regular and lump-sum investors for all possible …

deteriorate, uncertainty rises and investors' opinions polarize. Disagreement thus spikes in bad times, causing returns to react … to past news. This phenomenon creates a positive relation between disagreement and future returns. It also generates time …