We propose a novel measure of investment plans, namely, expected investment growth (EIG) and find stocks with high EIG … outperform stocks with low EIG by 17% per annum. This premium can be generated in a neoclassical model with the investment plan … friction, in which a firm's expected returns increases with its planned investment due to an embedded leverage effect. We …

expected investment growth premium controlling for other firm characteristics and risk factors. For a $q$-theory-based model …We decompose asset growth into external and internal growth and construct the expected investment growth measures based … on different components. The expected external investment growth predicts future stock return positively and subsumes the …

disaster risk management. It further demonstrates that preferences for liquidity lead to less consumption. Moreover, from … policymakers to become less incentivized in mitigating disaster risk and leads them underestimate the welfare benefit of policy …

We study a long-run risk model with a stochastic consumption growth rate, a stochastic volatility, a stochastic jump … uncertainty has far-reaching economic consequences: the equity risk premium is increasing not only with short-run but also with …-varying uncertainty, time-variation in the jump intensity is much more important than time-variation in diffusive volatility risk. Third …

We generalize and extend the long-run risk model by Drechsler and Yaron (201'7 by separating the processes for the jump … and lead to an equity risk premium which is increasing not only with short-run but also with long-run uncertainty. Second … the jump intensity is much more important than diffusive volatility risk …