  This paper demonstrates the additive and multiplicative version of a long-run
law of unexpected shocks for any economic variable. We derive these long-run
laws by the martingale theory without relying on the stationary and ergodic
conditions. We apply these long-run laws to asset return, risk-adjusted asset
return, and the pricing kernel process and derive new asset pricing
implications. Moreover, we introduce several dynamic long-term measures on the
pricing kernel process, which relies on the sample data of asset return.
Finally, we use these long-term measures to diagnose leading asset pricing
models.
