The paper links finance theory to labor economics and political economy in the context of migration and immigration policy. Most research treating the impact of immigration has focused on the consequences for employees as measured by wages, earnings, and employment. Less is known about the...

I provide empirical evidence in support of the conjecture that many observed market anomalies are simply a manifestation of the market's process of searching for equilibrium. Therefore, these anomalies should be fully explained by risk pricing, if only we knew how to correctly measure risk in a...