This paper examines the impact of loan loss provisions (LLPs) on return predictability during 1994-2017. We find that on average, LLPs are negatively associated with one year ahead stock returns. This effect is particularly significant during the global financial crisis but much weaker during...

This paper uses the theory of "capital as power" to analyze the struggle over public pensions in the United States. While mainstream commentators claim that public pensions must be "reformed" because they are "under funded", I argue that the metrics used to make this argument are unsound....