Research Page for Robert Novy-Marx ( CV ) Published Papers Is Momentum Really Momentum?, Journal of Financial Economics, forthcoming. Operating Leverage, Review of Finance, forthcoming. Hot and Cold Markets, 2009, Real Estate Economics 37, 1-22.   Winner of the Mill's Prize for the best paper in Real Estate Economics The Liabilities and Risks of State-Sponsored Pension Plans, 2009, Journal of Economic Perspectives 4, 191-210, with Josh Rauh. An Equilibrium Model of Investment Under Uncertainty, 2007, Review of Financial Studies 20, 1461-1502. Working Papers The Other Side of Value Can “A Better Three-Factor Model” Explain More Anomalies? Preempting Preemptive Investment Competition, Productivity, Organization and the Cross Section of Expected Returns Public Pension Promises: How Big are They and What are They Worth? with Josh Rauh   Cited in the Wall Street Journal [link]   Cited in the Economist [link] Real Estate and the Economy: Aggregate Implications of Irreversible Investment Fiscal Imbalances and Borrowing Costs: Evidence from State Investment Losses, with Josh Rauh