Capital mobility may equalize investment opportunities across industries, and further, may cause the return-risk trade-offs of industry portfolios to converge. We show that over an extended period from 1926 to 2014, value-weighted industry portfolios based on Fama-French 5, 10, 12, 17, 30, and...

Global mean surface temperature has been increasing in response to growing greenhouse gas concentrations (IPCC, 2021). While Earth is getting warmer overall, regions that differ in local geographical features experience unequal increases in temperature. In this paper, we develop a dynamic...

This paper studies a model with both a parametric global trend and a nonparametric local trend. This model may be of interest in a number of applications in economics, finance, ecology, and geology. The model nests the parametric global trend model considered in Phillips (2007) and Robinson...