SSRN Electronic Journal,
Год журнала:
2022,
Номер
unknown
Опубликована: Янв. 1, 2022
We
provide
the
first
large-sample
evidence
of
foreign
influence
in
US
politics,
showing
that
meetings
between
countries
and
legislators
affect
government
resource
allocation
directly
for
indirectly
firms.
To
do
so,
we
introduce
a
comprehensive
dataset
date-stamped
individual
legislators,
spanning
2000
to
2018
covering
146
countries,
1,200
10
Congresses.
From
this
new
dataset,
three
facts
emerge:
(1)
lobby
most
intensely
trade
economy,
(2)
are
positively
related
legislator
lawmaking
effectiveness
past
employment
connections
with
lobbyists
while
they
unrelated
political
ideology,
(3)
maintain
all
even
after
depart
from
committees
important
allocating
public
resources.
Using
deaths
as
shock
connections,
our
estimates
imply
per-meeting
direct
loss
US$5.7
million
aid
indirect
firms
state
subsidies
contracts
amounting
US$250,000.
Overall,
these
results
highlight
significance
present
observations
guide
work
economics,
finance,
science.
Annual Review of Financial Economics,
Год журнала:
2023,
Номер
15(1), С. 291 - 326
Опубликована: Окт. 3, 2023
We
explore
the
design
of
climate
stress
tests
to
assess
and
manage
macroprudential
risks
from
change
in
financial
sector.
review
scenarios
currently
employed
by
regulators,
highlighting
need
(
a)
consider
many
transition
as
dynamic
policy
choices,
b)
better
understand
incorporate
feedback
loops
between
economy,
c)
further
compound
risk
which
co-occur
with
other
risks.
discuss
how
process
mapping
into
firm
outcomes
can
existing
evidence
on
effects
various
climate-related
credit
market
outcomes.
argue
that
more
research
is
required
identify
channels
through
plausible
lead
meaningful
short-run
impact
given
typical
bank
loan
maturities,
bank-lending
responses
risks,
adequacy
pricing
markets,
d)
participants
form
expectations
affects
stability.
Finally,
we
advantages
disadvantages
using
market-based
be
conducted
publicly
available
data
complement
stress-testing
frameworks.
The Journal of Finance,
Год журнала:
2024,
Номер
79(2), С. 795 - 841
Опубликована: Фев. 11, 2024
ABSTRACT
Political
identity
and
partisanship
are
salient
features
of
today's
society.
Using
deeds
records
voter
rolls,
we
show
that
current
residents
more
likely
to
sell
their
homes
when
opposite‐party
neighbors
move
in
nearby
than
unaffiliated
or
same‐party
do.
This
is
especially
true
the
new
politically
active,
consistent
with
an
animosity
between
parties
mechanism.
We
conclude
affective
polarization
not
limited
purely
political
settings
affects
one
household's
most
important
financial
decisions,
home
transactions.
Finance research letters,
Год журнала:
2023,
Номер
55, С. 103837 - 103837
Опубликована: Март 30, 2023
We
show
that
climate
policy
uncertainty
(CPU)
is
priced
cross-sectionally
in
individual
stocks.
On
average,
the
risk-adjusted
annual
future
returns
of
stocks
with
low
exposure
to
CPU
are
5.5%–6.3%
higher
than
those
high
exposure.
This
finding
consistent
Merton's
(1973)
intertemporal
CAPM
where
uncertainty-averse
investors
willing
pay
prices
and
accept
lower
for
CPU-sensitive
Low
CPU-beta
firms
primarily
value
crash
risk,
they
have
under
Democratic
presidencies.
Finally,
we
develop
a
novel
factor,
it
outperforms
size
factors.
Real Estate Economics,
Год журнала:
2024,
Номер
52(3), С. 618 - 659
Опубликована: Апрель 15, 2024
Abstract
With
near
unanimity,
climate
scientists
project
natural
disasters
to
increase
in
frequency,
severity,
and
geographic
scope
over
the
next
century.
We
survey
academic
literature
at
intersection
of
these
risks
real
estate.
Our
review
physical
includes
price,
loan
performance,
migratory
effects
stemming
from
flooding,
wildfires,
sea
level
rise.
transition
risks,
including
energy
use
decarbonization,
as
they
relate
Where
possible,
we
explain
how
topics
may
intersect
with
housing
affordability,
especially
historically
disadvantaged
communities.
conclude
by
highlighting
critical
areas
for
future
research.
Review of Finance,
Год журнала:
2025,
Номер
unknown
Опубликована: Янв. 16, 2025
Abstract
Institutional
investors
affected
by
hurricanes
subsequently
support
environmental
proposals
in
non-affected
firms
even
if
they
never
voted
for
similar
initiatives.
Affected
raise
their
holdings
where
pro-environment
votes
are
consequential.
The
increased
voting
after
has
real
effects
as
endorsed
more
hurricane-afflicted
likely
to
pass.
Moreover,
both
market
capitalization
and
analysts’
recommendations
decline
pass
proposals.
Our
evidence
suggests
that
natural
disasters
institutional
investors’
concerns
about
the
environment
potential
fund
flow
disruptions.
These
concerns,
turn,
influence
activism,
corporate
policies,
firm
performance.
Federal Reserve Bank of Richmond Working Papers,
Год журнала:
2023,
Номер
23(01), С. 1 - 75
Опубликована: Янв. 4, 2023
We
theoretically
and
empirically
investigate
how
climate
risks
affect
collateralized
debt
markets.
First,
we
develop
a
model
where
agents
have
different
beliefs
over
long-run
risk.
In
contrast
with
existing
two-period
competitive-equilibrium
models,
our
infinite-horizon
competitive-search
predicts
more
pessimistic
are
likely
to
make
leveraged
investments
on
risky
collateral
assets.
They
also
tend
use
longer
maturity
contracts,
which
exposed
the
Second,
employing
large
data
real
estate
mortgage
transactions,
combined
high
resolution
sea-level-rise
maps,
find
robust
evidence
for
these
findings.
show
monetary
securitization
policies
risk
exposure.
Our
results
highlight
importance
of
heterogeneous
in
understanding
effects
change
financial
system.
