In this paper, motivated by existing and growing evidence on multiple macroeconomic volatilities, we extend the long-run risks model of Bansal and Yaron (2004) by allowing both a long- and a short-run volatility components in the evolution of economic fundamentals. With this extension, the new...

This paper examines the macro-spanning hypothesis for bond returns in international markets. Based on a large panel of real-time macro variables that are not subject to revisions, wefind that global macro factors have predictive power for bond returns unspanned by yield factors.Furthermore, we...

We investigate an alternative economic channel of a positive relationship between risk and compensation, as documented by Cheng, Hong, and Scheinkman (2015). We propose that when information asymmetry exists, firms generally seek to use compensation as a signal of their CEOs' ability. The risks...

Consumerism during the COVID-19 pandemic has been characterized by impulsive buying. Using the theoretical lens of uncertainty avoidance and ego-depletion to identify the mediating mechanisms and moderating factors for online impulse buying, we surveyed young consumers across two relevant...