We examine the corporate cost of capital and the return on corporate investment through 2005, which allows us to examine these values during the inflating and bursting of the tech bubble of the late 1990's. We examine the return on investment of tech and telecom firms separately over that time...

Adrian, Crump, and Vogt (2019) find that a nonlinear specification is required to identify a reliable relation between VIX and the equity premium. We reexamine this risk-return issue in a multi-risk framework with VIX and T-bond risk (MOVE). We find that: (1) the `MOVE-equity premium' relation...

Over the 1990 to 2022 period, we show that time-variation in the returns earned from equity-market exposure can be explained well with a simple specification, which predicts: (1) much higher excess returns after the implied volatility from equity-index options exceeds a high threshold at around...