The asset management industry has marketed for years this idea of "disciplined investing" through Systematic Investment … prudent investment strategy that reduces risk avoiding market timing. But this idea has many opponents, that strongly support …

I show that a firm's capital intensity affects the asset pricing implications of investment-specific technology shocks … sub-samples. This finding is a puzzle since similar exposures to this measure of investment shock generate a very … investment-specific technology shocks by a novel dimension; firm's capital intensity. The model can rationalize these empirical …

A detailed treatment of aggregation and capital heterogeneity substantially improves the performance of the investment … capital. The model fits well the value, momentum, investment, and profitability premiums simultaneously and partially explains … profitability premiums, as well as the countercyclical and long-term dynamics of the value and investment premiums. However, the …

, size, value, momentum, cashflow volatility, leverage, investment growth, term risk, and default risk. We empirically test …

We decompose asset growth into external and internal growth and construct the expected investment growth measures based … on different components. The expected external investment growth predicts future stock return positively and subsumes the … expected investment growth premium controlling for other firm characteristics and risk factors. For a $q$-theory-based model …

Aggregate investment and consumption have heterogeneous cyclical implications on firm-level earnings and the cyclical … through which anticipated changes in investment and consumption have different effects on firm performance. Further, the …

how fluctuations in individual crypto wealth affect household consumption, equity investment, and local real estate … consumption and investment into other asset classes …