This paper explains the size and value "anomalies" in stock returns using an economically motivated two-beta model. We break the beta of a stock with the market portfolio into two components, one reflecting news about the market's future cash flows and one reflecting news about the market's...

Introduction -- A systemic regulator for financial markets -- A new information infrastructure for financial markets -- Regulation of retirement savings -- Reforming capital requirements for financial institutions -- Regulation of executive compensation in financial services -- An expedited...