Trade costs such as applied tariffs, transportation and insurance costs are amplified as they pass through the multiple production steps associated with modern supply chains. This so called "cascade effect" arises since trade costs accumulate as intermediate goods are imported and then...

Using data spanning the 20th century, we show that most accounting-based return anomalies are spurious. When examined out-of-sample by moving either backward or forward in time, anomalies' average returns decrease, and volatilities and correlations with other anomalies increase. The...

We examine whether nonlinear relationships between climatic conditions and crop yields are globally generalizable at subnational levels. We match subnational longitudinal administrative data on crop yields for barley, maize, oats, rice, soybeans, and wheat with growing season temperature and...