In our paper, Gupta, Leung, and Roscovan (2021), we study the information content of consumer spending on the cross-section of stock returns. The authors find that consumer spending, measured by consumer credit and debit card transactions, pertain important information about future earnings...

Using a unique dataset of individual transactions-level data for a universe of U.S. consumer facing stocks, we examine the information content of consumer credit and debit card spending in explaining future stock returns. Our analysis shows that consumer spending data positively predict various...