From the optimal behavior of arbitrary number of consumer-investors who act as to maximize their life-time utility of consumption and leisure, this paper derives a continuous-time intertemporal asset pricing model with stochastic human capital, leisure, consumption, and investment opportunities....

South Korea has proven resilient through crises. During the COVID-19 pandemic, Korea has used testing and contact tracing to keep the number of cases per capita far below those in the U.S. and Europe. This paper uses sectoral stock returns to gauge the impact of the pandemic on the Korean...