exposure to systematic mispricing can bias tests of risk-return tradeoffs. Controlling for systematic mispricing, we recover … robust positive risk-return relations for many cross-sectional risk proxies, including low-risk and distress anomalies. We … arising from empirical failures of standard pricing models, and show empirical risk-return relations supporting rational …

The coronavirus has produced a public health debacle of the first-order. But the virus is also propagating the kind of … consider the coronavirus pandemic and its implications for the financial system through the lens of the frameworks we had …