A five-factor model directed at capturing the size, value, profitability, and investment patterns in average stock returns performs better than the three-factor model of Fama and French (FF 1993). The five-factor model's main problem is its failure to capture the low average returns on small...

Variation in monthly metropolitan area house prices unrelated to future rents clouds forecasts of rents from price-rent ratios and lagged changes in house prices. If this noise in house prices is correlated across areas, the problem is mitigated by measuring rent growth regression variables net...

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...