From the field's leading authority, the most authoritative and comprehensive advanced-level
textbook on asset pricing In Financial Decisions and Markets, John Campbell, one of the …

The influence of the macroeconomy on the stock market is a subject of enduring importance
and fascination to academics, investment professionals, and monetary policymakers …

Financial market behavior and key trading strategies—illuminated by interviews with top
hedge fund experts Efficiently Inefficient describes the key trading strategies used by hedge …

Purpose This paper investigates the impact of a change in economic policy uncertainty (Δ
EPU t) and the absolute value of a change in geopolitical risk (| Δ GPR t|) on the returns of …

A reduction in inflation can fuel run-ups in housing prices if people suffer from money
illusion. For example, investors who decide whether to rent or buy a house by simply …

The prevailing view in finance is that the evidence for long-horizon stock return predictability
is significantly stronger than that for short horizons. We show that for persistent regressors, a …

Value investing is the age-old investment strategy that involves buying securities that appear
cheap relative to some fundamental anchor. For equity investors that anchor is typically a …

This paper investigates two competing hypotheses for the accrual anomaly:
investment/growth and persistence. Both investment/growth and persistence information in …

Although gold has been around for thousands of years, its role in diversified portfolios is not
well understood. The authors critically examined such popular stories as “gold is an inflation …

Modigliani and Cohn hypothesize that the stock market suffers from money illusion,
discounting real cash flows at nominal discount rates. While previous research has focused …