We study the ownership structure of U.S. corporations using a comprehensive database of share ownership by insiders, affiliated firms, and institutional investors. Ownership has become increasingly concentrated in recent years, especially in mid- and large-cap firms. In 2017, insiders and...

It has become standard practice in the cross-sectional asset pricing literature to evaluate models based on how well they explain average returns on size-B/M portfolios, something many models seem to do remarkably well. In this paper, we review and critique the empirical methods used in the...

Recent studies suggest that the conditional CAPM might hold, period-by-period, and that time-varying betas can explain the failures of the simple, unconditional CAPM. We argue, however, that significant departures from the unconditional CAPM would require implausibly large time-variation in...