Risks to Human Capital

The authors thank Anmol Bhandari, Jaksa Cvitanic, Will Diamond, Joao Gomes, Urban Jermann, Patrick Kehoe, Tim Landvoigt, Daniel Neuhann, Miguel Palacios, Nikolai Roussanov, Lukas Schmid, Aleh Tsyvinski, and seminar participants at the Review of Asset Pricing Studies Winter Finance Conference, the Sustainable Architecture for Finance in Europe Asset Pricing Workshop, Society for Financial Studies Cavalcade North America, Temple University, Tehran Institute for Advanced Studies, and Wharton for helpful comments. This paper was initially released prior to the author joining the Commission. The Securities and Exchange Commission disclaims responsibility for any private publication or statement of any Securities and Exchange Commission employee or Commissioner. This article expresses the author’s views and does not necessarily reflect those of the Commission, the Commissioners, or other members of the staff.