equilibrium model, we show that "late" stocks can only have higher expected returns than "early" stocks, if the investor exhibits …

returns. The first contribution of the paper is to show that portfolios sorted by increasing indegree computed on the network … based on Granger causality test have lower expected returns, not related to idiosyncratic volatility. Secondly, empirical … evidence indicates that stocks with higher idiosyncratic volatility have the lower exposition on the indegree risk factor. …