[PDF] Cross-sectional Variation in Stock Returns: Liquidity and



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Cross-sectional Variation in Stock Returns: Liquidity and

Cross-sectional Variation in Stock Returns: Liquidity and Idiosyncratic Risk Abstract The roles played by idiosyncratic risk and liquidity in determining stock returns have recently received a great deal of attention However, recent empirical tests have not examined the interaction between these two factors



FIRM-SPECIFIC VARIATION AND OPENNESS IN EMERGING MARKETS

ment rising absolute and relative rm-speci c variation in U S stocks Morck et al (2000a) also nd that rm-speci c variation is a greater part of total variation in more devel-oped countries They are unable to explain these differences with differences in macroeconomic stability, country or market size, economy structure, or rm-speci c



Time-Varying Inflation Risk and Stock Returns

time variation is due to both price and quantities of inflation risk changing over time Using a consumption-based asset pricing model, we argue that inflation risk is priced because inflation predicts real consumption growth The historical changes in this predictability and in stocks'



Common risk factors in the returns on stocks and bonds*

a market portfolio of stocks captures the common variation in stock returns associated with the market factor and the two term-structure factors The stochastic links between the bond and stock markets do however seem to come largely from the term-structure factors Used alone the excess market



Continuous and discontinuous variation in ecosystem carbon

above-ground C stocks as low vegetation is replaced with trees but decrease organic soil C stocks as old carbon is de-composed However, studies comparing across the treeline typically do not account for elevational variation within the ecotone Here we sample ecosystem C stocks along an eleva-tional gradient (970 to 1300m), incorporating a

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