results are consistent with traditional asset pricing theory and are robust to numerous empirical specifications. Collectively …

Macroeconomic Theory and historical evidence suggest that bond prices help cause long-run convergence between stock …

small value stocks in best times. Combined with the fact that growth stocks have lower market risk than value stocks in bad … aggressively than growth stocks. This increase in selling pressure could make value stocks more sensitive to liquidity risk than … risk, combined with the liquidity price of risk, is able to capture 35% of the small-stock value premium and 100% of the …

This paper provides evidence that domestic opportunities to share risk have contributed to slower growth. We first … provide a simple model economy that demonstrates how a country's ability to diversify risk is linked to its growth rate. In … domestic opportunities to diversify risk and growth. We employ two econometric procedures: (1) traditional instrumental …

growth model to explore the conditions under which an economy is sustainable, considering different types of risk. In general … equilibrium, sustainability boils down to supply-side factors, with increased growth, decreased consumption risk, and greater …, catastrophic risk management, investments in clean and dirty technologies, and the importance of risk-sharing assets …

In this paper we show that temperature is an aggregate risk factor that adversely affects economic growth. Our argument … temperature (i.e., temperature betas) contains sharp information about the cross-country risk premium; countries closer to the … Equator carry a positive temperature risk premium which decreases as one moves farther away from the Equator. The differences …