We explore the link between stock returns and changes in market capital concentration across firms. Our theory uncovers a concentration risk factor driven by time-varying changes in the distribution of market capital. A powerful implication of our theory is the necessary existence of this...

We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that...