This chapter reviews the behavior of financial asset prices in relation to consumption. The
chapter lists some important stylized facts that characterize US data, and relates them to …

This paper surveys the field of asset pricing. The emphasis is on the interplay between
theory and empirical work and on the trade‐off between risk and return. Modern research …

We document a significant positive relation between drought risk and the cost of equity
capital. Our estimation shows that the cost of equity capital is 92 basis points higher for firms …

We construct a text-based measure of uncertainty starting in 1890 using front-page articles
of the Wall Street Journal. News implied volatility (NVIX) peaks during stock market crashes …

Disclosure: In addition to being a professor at Yale University, the author is currently working
part-time with Standard & Poor's to produce home price indices; with the Chicago Mercantile …

This book is an ambitious effort by three well-known and well-respected scholars to fill an
acknowledged void in the literature—a text covering the burgeoning field of empirical …

Restrictions that a class of general equilibrium models place upon the average returns of
equity and Treasury bills are found to be strongly violated by the US data in the 1889–1978 …

Behavioral finance argues that some financial phenomena can plausibly be understood
using models in which some agents are not fully rational. The field has two building blocks …

The basic paradigm of asset pricing is in vibrant flux. The purely rational approach is being
subsumed by a broader approach based upon the psychology of investors. In this approach …

McKinsey's Trusted Guide to Teaching Corporate Valuation is Back and Better than Ever
Designed for classroom use, Valuation, University Edition Fifth Edition is filled with the …