Low Inflation: High Default Risk and High Equity Valuations
(with H. Bhamra, C. Dorion, and M. Weber)
Higher expected inflation increases a firm’s default risk and its equity valuation.

A Credit-based Theory of the Currency Risk Premium
(with P. Della Corte and E. Dias Saraiva-Patelli)
Currency depreciation implied from CDS prices offers strong exchange rate predictability.

Do Corporate Governance Reforms Impact Equity Volatility? Theory and Worldwide Evidence
(with L. Gagnon)
Better corporate governance reduces equity return volatility.

When Do Commodity Prices Matter for the Carry Trade? An analysis by FX Liquidity Conditions
(with M. Normandin)
Commodity price shocks impact the carry trade returns positively when FX liquidity is low.

Sovereign Risk and Global Macroeconomic Conditions
(with S. Andrade and A. Ekponon)
A country’s exposure to the global business cycle generates a large and countercyclical bond risk premium.

What Drives Corporate Asset Prices: Short- or Long-Run Risk?
(with C . Dorion and A. Ekponon)
Fluctuations in the business cycle command most of the risk premium in equities and bonds

Systematic Risk Premium in the Commodity Futures Market
Commodity futures prices contain a compensation for systematic risk that is independent of the hedging risk premium