The digital economy plays an important role in society and the economy. However, we know little about what factors affect the development of the digital economy. Using a self-developed index for measuring Chinese provincial-level digital economy development, this paper examines the impact of...

Using monthly returns for over 37,000 stocks from 46 developed and emerging market countries over a two-decade period, we test whether empirical asset pricing models capture the size, value, and momentum patterns in international stock returns. We propose and test a multi-factor model that...

This paper offers new evidence on how currency risk is priced in the cross-section of international stock returns. Our experiment examines this long-standing question for a wide variety of test asset portfolios comprised of monthly returns for over 37,000 stocks from 46 countries over a...