We investigate the relationship between the extent of a city's subway network, its population and its spatial configuration. For the 632 largest cities in the world we construct panel data describing population, measures of centralization calculated from lights at night data, and the extent of...

This paper examines whether rare disaster can predict stock returns. We construct an aggregate rare disaster index by imposing the partial least square (PLS) approach on six news-implied rare disaster proxies of Manela and Moreira (2017). Our disaster measure strongly predicts monthly excess...

This study investigates the cross-country impact of U.S. equity market skewness risk. We find that a large decrease in the U.S. market skewness significantly predicts high future returns on international equity markets. The predictability remains significant after controlling for a set of U.S....