Although the trade-boosting effect of the Internet is well-documented, two critical questions remain unsatisfactorily answered. First, does the Internet benefit the trade in services greater than the trade in goods? Second, does the Internet eliminate or at least, weaken the negative effect of...

With new annual data of 16 developed countries across bond, equity, and housing markets, I study the return predictability using the payout-price ratios, i.e., coupon price, dividend price, and rent price. None of the 48 country-asset combinations shows consistent in-sample and out-of-sample...