This survey reviews the growing literature on pairs trading frameworks, ie, relative‐value
arbitrage strategies involving two or more securities. Research is categorized into five …

We survey the literature on payout policy, with a particular emphasis on developments in the
past two decades. The cross-sectional empirical evidence for the traditional motivations …

We study the influence of financial innovation by fintech brokerages on individual investors'
trading and stock prices. Using data from Robinhood, we find that Robinhood investors …

What is the aggregate real rate of return in the economy? Is it higher than the growth rate of
the economy and, if so, by how much? Is there a tendency for returns to fall in the long run …

A survival guide for the FinTech era of banking FinTech Innovation examines the rise of
financial technology and its growing impact on the global banking industry. Wealth …

We take up Cochrane's (2011) challenge to identify the firm characteristics that provide
independent information about average US monthly stock returns by simultaneously …

Using data spanning the twentieth century, we show that the majority of accounting-based
return anomalies, including investment, are most likely an artifact of data snooping. When …

We study how investor sentiment affects the cross‐section of stock returns. We predict that a
wave of investor sentiment has larger effects on securities whose valuations are highly …

This study investigates whether marketwide liquidity is a state variable important for asset
pricing. We find that expected stock returns are related cross-sectionally to the sensitivities of …

We examine the pricing of aggregate volatility risk in the cross‐section of stock returns.
Consistent with theory, we find that stocks with high sensitivities to innovations in aggregate …