when the markets offer high returns. ECINF is not only a priced risk factor, but the most significant factor in our asset … pricing tests, which suggests that ignoring the risk of information asymmetry may give rise to false discoveries of anomalies …. As a case in point, we show that momentum anomalies disappear once we control for the risk of information asymmetry. This …

criteria to hedge climate change risk because physical risks have not yet fully materialized and policies to combat climate … plausibly exogenous changes in expectations about the level of a carbon tax in Germany. The risk-adjusted return on two …