The paper explores empirically the tight links between exchange rates and the global network of equity holdings. Exchange rates can be expressed in terms of “equity net currency supplies”, i.e. local ...
In contrast with the APT’s foundational assumption of a low dimensional factor structure in returns, the AIPT conjectures that returns are driven by a large number of factors. We first verify this ...
NBER’s Fellowship Program in Retirement and Disability Policy Research, supported by the Social Security Administration (SSA) and NBER through the Retirement and Disability Research Center, offers ...