This paper studies the effects of unexpected changes in trade policy uncertainty (TPU) on
the US economy. Three measures of TPU are constructed using newspaper coverage, firms' …

We study the role of financial frictions and firm heterogeneity in determining the investment
channel of monetary policy. Empirically, we find that firms with low default risk—those with …

We develop a general equilibrium model of asset prices in which benefits of technological
innovation are distributed asymmetrically. Financial market participants do not capture all …

We develop a theory linking “misallocation,” ie, dispersion in marginal products of capital
(MPK), to macroeconomic risk. Dispersion in MPK depends on (i) heterogeneity in firm-level …

How do companies finance their investments? We examine the financing of investments
according to firms' listing status, their size, and the nature of the investments. We show that …

Intangible capital, which includes investments in research and development, and intellectual
property product, has risen dramatically in the last decades, however little is known about its …

We develop a general equilibrium model of asset prices in which the benefits of
technological innovation are distributed asymmetrically. Financial market participants do not …

This research argued for estimating the Capital Asset Pricing Model (CAPM) using daily and
medium-horizon data over monthly and short horizon-data. Using a Gibbs sample, the …

We show that firms with longer debt maturities earn risk premia not explained by
unconditional factors. Embedding dynamic capital structure choices in an asset-pricing …

The application of neural networks for the classification of companies into a group of
prosperous or non-prosperous companies is relatively new. Their use for this purpose has …