Before revision:  Empirically, we characterize the short-term and long-term risks from a large-scale dynamic network on all S P500 constituents' return volatilities. Consistent with theory, we show that stocks with high sensitivities to dynamic network risk earn lower returns.
After revision:  Empirically, we characterize the short-term and long-term risks from a large-scale dynamic network on all S Stocks with high sensitivities to dynamic network risk earn lower returns.