Macro-finance addresses the link between asset prices and economic fluctuations. Many
models reflect the same rough idea: the market's ability to bear risk is greater in good times …

Discount‐rate variation is the central organizing question of current asset‐pricing research. I
survey facts, theories, and applications. Previously, we thought returns were unpredictable …

We find consistent value and momentum return premia across eight diverse markets and
asset classes, and a strong common factor structure among their returns. Value and …

We address the valuation of bitcoins and other blockchain tokens in a new type of
production economy: a decentralized financial network (DN). An identifying property of these …

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 …

Organization capital is a production factor that is embodied in the firm's key talent and has
an efficiency that is firm specific. Hence, both shareholders and key talent have a claim to its …

I review recent research efforts in the area of empirical cross-sectional asset pricing. I start
by summarizing the evidence on cross-sectional return predictability and the failure of …

In this review we survey the recent research on the fundamental determinants of stock
returns. These studies explore how firms' systematic risk and their investment and …

The author surveys work on the intersection between macroeconomics and finance. The
challenge is to find the right measure of" bad times," rises in the marginal value of wealth, so …

We derive and test q-theory implications for cross-sectional stock returns. Under constant
returns to scale, stock returns equal levered investment returns, which are tied directly to firm …