We examine the implications of short-run and long-run consumption risks on the momentum and long-term contrarian profits and the value premium in a unified economic framework. By introducing time-varying firm cash flow exposures to the short-run and long-run shocks in consumption growth, we find...

Using a multi-tier mapping of supply chain relationships constructed from granular global, firm-to-firm supplier--customer linkages data, we quantify the degree of financial risk propagation from the supply network beyond firms' direct supply chain connections and isolate structural network...