Should be the starting point if you are interested in understanding “carry” as a trading strategy. Intuitive explanation combined with technical derivation of carry returns across asset classes. Includes backtests of carry returns.
Koijen, Ralph S. J. and Moskowitz, Tobias J. and Pedersen, Lasse Heje and Vrugt, Evert B., Carry (November 1, 2016). Fama-Miller Working Paper
Available at SSRN: https://ssrn.com/abstract=2298565