The relative strength of the U.S. dollar does not explain the cross-section of expected returns. We find, however, that signed sensitivity of individual firms' returns to moves in dollar strength matters for asset pricing. A portfolio that goes long high-dollar-sensitivity stocks and short...

We examine how trade policy uncertainty is reflected in stock returns. Our identification strategy exploits quasi-experimental variation in exposure to trade policy uncertainty arising from Congressional votes to revoke China's preferential tariff treatment between 1990 and 2001. More exposed...

This paper studies how the introduction of ETFs, and the growth of ETF ownership, can change investors' learning behavior. I develop a rational-expectations model where agents decide (1) whether they want to become informed or not and (2) if informed, how to allocate their limited attention...