We study the link between timing of cash flows and expected returns in general equilibrium production economies. Our model incorporates (i) heterogenous exposure to aggregate pro- ductivity shocks across capital vintages, and (ii) an endogenous stock of growth options. Our economy features a...

A common prediction of macroeconomic models of credit market frictions is that the tightness of financial constraints is countercyclical. As a result, theory implies a negative collateralizability premium; that is, capital that can be used as collateral to relax financial constraints provides...

We attempt to examine the impact of the social security contributions on firms' market performance in the context of the 2010 Social Security Act. Using a sample of Chinese A-share listed firms, we use a difference-in-difference strategy to identify a causal relationship between the impact of...