This paper addresses this question with an asset-pricing model featuring endogenous corporate policies. Long-run risk reflects a firm's profit exposure to slowly-moving expected consumption growth, whereas short-run risk captures the exposure to frequent unexpected changes in consumption growth....

Most papers, that study determinants of cryptocurrency prices, find no significant relation with existing market factors. We examine a portfolio approach to explore cross-sectional pricing within the cryptomarket. At its inception, Bitcoin meant to be an alternative to fiat currencies. Yet high...

This paper modelizes and provides asset pricing implications of corporate governance policies. Agency costs, proxied by commonly used corporate governance indices, arise because insiders are self-interested and vary across firms. First, firms differ in their agency costs’ level during initial...