This thesis concerns the empirical relation between risk and return in equities. It studies why the expected return on stocks as a whole varies over time and why there are predictable cross-sectional di↵erences in the return on individual stocks. The thesis consists of three chapters which can...

We conduct representative large-scale surveys of U.S. citizens aimed at measuring perceptions of large corporations' environmental, social, and governance performance and investigate how these perceptions affect the public support for economic policies. The public demands corporations to behave...

A large body of work has sought to measure the effect of interest rates on equity valuations. The challenge in doing so is that both are endogenous, and their comovement depends on the forces driving interest-rate changes. To address this problem, we develop and estimate a decomposition that...