Preface / by John H. Cochrane and Tobias J. Moskowitz -- Introductions. My Life in Finance / Eugene F. Fama ; Things I've Learned from Gene Fama / Kenneth R. French ; Gene Fama's Impact: A Quantitative Analysis / G. William Schwert and René M. Stulz -- Efficient markets. Efficient Markets and...

Investment in private equity is extremelyconcentrated.Even though private equity returns are generally no higherthan the market return on all publicly traded equity, entrepreneurialhouseholds invest more than 70 percent of their private holdings in a singleprivate company in which they have an...

We examine return premia associated with the level, slope, and curvature of the yield curve over time and across countries from a novel perspective by borrowing pricing factors from other asset classes. Measures of value, momentum, and carry, when applied to bonds, provide a rich description of...

We document the return to investing in U.S. nonpublicly traded equity. Entrepreneurial investment is extremely concentrated, yet despite its poor diversification, we find that the returns to private equity are no higher than the returns to public equity. Given the large public equity premium, it...