16 hasil
Menampilkan 1–16 · 0,59 detik · RSS
Review of Financial Studies
Scopus
ISSN 0893-9454 · Oxford University Press · 16 artikel di indeks
-
Artikel Jurnal
Carbon Emissions and the Bank-Lending Channel
Abstract We study how firm-level carbon emissions affect bank lending and real outcomes in a sample of global firms with syndicated loans. We exploit bank-level climate commitments as firm-level shocks to lending relationships, using firms' prior credit exposures to identify credit supply effects…
-
Artikel Jurnal Teks lengkap
Corporate Climate Risk: Measurements and Responses
Abstract This paper conducts a textual analysis of earnings call transcripts to quantify climate risk exposure at the firm level. We construct dictionaries that measure physical and transition climate risks separately and identify firms that proactively respond to climate risks. Our validation…
-
Artikel Jurnal
A Comprehensive 2022 Look at the Empirical Performance of Equity Premium Prediction
Abstract Our paper reexamines whether 29 variables from 26 papers published after Goyal and Welch 2008, as well as the original 17 variables, were useful in predicting the equity premium in-sample and out-of-sample as of the end of 2021. Our samples include the original periods in which these…
-
Artikel Jurnal Teks lengkap
Climate Change and Adaptation in Global Supply-Chain Networks
Abstract This paper examines how physical climate exposure affects firm performance and global supply chains. We document that heat at supplier locations reduces the operating income of suppliers and their customers. Further, customers respond to perceived changes in suppliers’ exposure: when…
-
Artikel Jurnal Teks lengkap
Climate Risk Disclosure and Institutional Investors
Abstract Through a survey and analyses of observational data, we provide systematic evidence that institutional investors value and demand climate risk disclosures. The survey reveals the investors have a strong demand for climate risk disclosures, and many actively engage their portfolio firms for…
-
Artikel Jurnal Teks lengkap
Do Investors Care about Impact?
Abstract We assess how investors’ willingness-to-pay (WTP) for sustainable investments responds to the social impact of those investments, using a framed field experiment. While investors have a substantial WTP for sustainable investments, they do not pay significantly more for more impact. This…
-
Artikel Jurnal
Cybersecurity Risk
Abstract Based on textual analysis and a comparison of cybersecurity risk disclosures of firms that were hacked to others that were not, we propose a novel firm-level measure of cybersecurity risk for all U.S.-listed firms. We then examine whether cybersecurity risk is priced in the cross-section…
-
Artikel Jurnal Teks lengkap
Climate Change and Long-Run Discount Rates: Evidence from Real Estate
Abstract We show that housing markets provide information about the appropriate discount rates for valuing investments in climate change abatement. Real estate is exposed to both consumption and climate risk and its term structure of discount rates is downward sloping, reaching 2.6% for payoffs…
-
Artikel Jurnal Teks lengkap
Get Real! Individuals Prefer More Sustainable Investments
Abstract The United Nations’ Sustainable Development Goals (SDGs) have created societal and political pressure for pension funds to address sustainable investing. We run two field surveys (n = 1,669, n = 3,186) with a pension fund that grants its members a real vote on its sustainable-investment…
-
Artikel Jurnal Teks lengkap
When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response
Abstract We document extreme disruption in debt markets during the COVID-19 crisis: a severe price crash accompanied by significant dislocations at the safer end of the credit spectrum. Investment-grade corporate bonds traded at a discount to credit default swaps; exchange-traded funds traded at a…
-
Artikel Jurnal Teks lengkap
The Rise of Shadow Banking: Evidence from Capital Regulation
Abstract We investigate the connections between bank capital regulation and the prevalence of lightly regulated nonbanks (shadow banks) in the U.S. corporate loan market. For identification, we exploit a supervisory credit register of syndicated loans, loan-time fixed effects, and shocks to capital…
-
Artikel Jurnal Teks lengkap
Empirical Asset Pricing via Machine Learning
Abstract We perform a comparative analysis of machine learning methods for the canonical problem of empirical asset pricing: measuring asset risk premiums. We demonstrate large economic gains to investors using machine learning forecasts, in some cases doubling the performance of leading…
-
Artikel Jurnal Teks lengkap
Carbon Tail Risk
Abstract Strong regulatory actions are needed to combat climate change, but climate policy uncertainty makes it difficult for investors to quantify the impact of future climate regulation. We show that such uncertainty is priced in the option market. The cost of option protection against downside…
-
Artikel Jurnal Teks lengkap
Risks and Returns of Cryptocurrency
Abstract We establish that cryptocurrency returns are driven and can be predicted by factors that are specific to cryptocurrency markets. Cryptocurrency returns are exposed to cryptocurrency network factors but not cryptocurrency production factors. We construct the network factors to capture the…
-
Artikel Jurnal Teks lengkap
How Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis
Abstract Firms with greater financial flexibility should be better able to fund a revenue shortfall resulting from the COVID-19 shock and benefit less from policy responses. We find that firms with high financial flexibility within an industry experience a stock price drop that is 26$\%$, or 9.7…
-
Artikel Jurnal Teks lengkap
The Deregulation of the Private Equity Markets and the Decline in IPOs
Abstract The deregulation of securities laws—in particular the National Securities Markets Improvement Act (NSMIA) of 1996—has increased the supply of private capital to late-stage private startups, which are now able to grow to a size that few private firms used to reach. NSMIA is one of a number…