-
作者：Banerjee, Suman; Huang, Shiyang; Nanda, Vikram; Xiao, Steven Chong
作者单位：Stevens Institute of Technology; University of Hong Kong; University of Texas System; University of Texas Dallas
摘要：We show that managerial learning from stock prices can lead to feedback loop vulnerability: corrective actions based on perceived negative market signals reduce the sensitivity of asset payoffs to stock market information. Less sensitivity discourages liquidity provision and increases the price impact of liquidity shocks. Interestingly, overconfident managers who disregard stock price information may be less vulnerable to the adverse price impact of nonfundamental liquidity shocks. Our empiric...
-
作者：Gerarden, Todd D.
作者单位：Cornell University
摘要：Private sector innovation is critical to mitigating and adapting to climate change. This paper studies innovation in solar energy technology, a key source of clean energy that has experienced rapid price declines over the past decade. To understand the causes and effects of innovation, I estimate a dynamic structural model of competition among solar panel manufacturers. The model captures important features of the industry, including the role of government subsidies for solar adoption, and I e...
-
作者：Dang, Viet Anh; Gao, Ning; Yu, Tiancheng
作者单位：University of Manchester; Alliance Manchester Business School; University of Exeter
摘要：We find that manufacturing firms adopt more conservative capital structures in response to the Nitrogen Oxides (NOx) Budget Trading Program (NBP) of 2004, a regional cap-and-trade program aimed at mitigating the NOx emissions of power plants in 11 mid western and southeastern states in the United States. Our further analysis demonstrates that, because the NBP induces an electricity price shock, it affects manufacturers' financial decisions by raising their operating leverage and distress risk....
-
作者：Klusak, Patrycja; Agarwala, Matthew; Burke, Matt; Kraemer, Moritz; Mohaddes, Kamiar
作者单位：University of East Anglia; University of Cambridge; University of East Anglia; Yale University; University of Oxford; Goethe University Frankfurt; University of Cambridge; University of Cambridge
摘要：Enthusiasm for greening the financial system is welcome, but a fundamental challenge remains: financial decision makers lack the necessary information. It is not enough to know that climate change is bad. Markets need credible, digestible information on how climate change translates into material risks. To bridge the gap between climate science and real-world financial indicators, we simulate the effect of climate change on sovereign credit ratings for 109 countries, creating the world's first...
-
作者：Burkhardt, Jesse; Gillingham, Kenneth T.; Kopalle, Praveen K.
作者单位：Colorado State University System; Colorado State University Fort Collins; Yale University; Dartmouth College
摘要：This study examines how electric utilities and regulators can encourage residential consumers to conserve electricity during the hottest summer days and shift electricity load from the day to off-peak, nighttime hours. We analyze a two-year field experiment involving 280 Texas households that explores approaches to conservation and load-shifting to enable emission reductions and reduce generation costs. Our critical peak pricing intervention reduces electricity consumption by 14% on the peak h...
-
作者：Tran, Brigitte Roth
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：I apply a novel machine-learning based weather index method to daily storelevel sales data for a national apparel and sporting goods brand to examine short-run responses to weather and long-run adaptation to climate. I find that even when considering potentially offsetting shifts of sales between outdoor and indoor stores, to the firm's website, or over time, weather has significant persistent effects on sales. This suggests that weather may increase sales volatility as more severe weather sho...
-
作者：Deshmane, Abhishek; Martinez-de-Albeniz, Victor
作者单位：University of Navarra; IESE Business School
摘要：Artist collaborations in music have been on the rise, and they tend to produce commercially and critically successful songs. We seek to uncover the effect of these collaborative projects on career trajectories and identify the factors that lift an artist's profile in the short and long term. We develop a theory of collaboration based on the transfer of capital between the collaborating artists that facilitates spillovers across time. To validate the theory, we use weekly radio plays of individ...
-
作者：Ginglinger, Edith; Moreau, Quentin
作者单位：Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Hong Kong University of Science & Technology
摘要：We use firm-level data that measure forward-looking physical climate risk to examine the impact of climate risk on capital structure. We find that greater physical climate risk leads to lower leverage in the post-2015 period (i.e., after the Paris Agreement and the first step of standardization of disclosure of climate risk information). Our results hold after controlling for firm characteristics known to determine leverage, including credit ratings. Our evidence shows that the reduction in le...
-
作者：McGahan, Anita M.; Pongeluppe, Leandro S.
作者单位：University of Toronto; University of Pennsylvania
摘要：How do firms address complex collective action problems effectively? Institutional and stakeholder research suggests that firms may avoid the tragedy of the commons by aligning the interests of critical proximate stakeholders in ways that governments cannot accomplish. This phenomenological paper investigates this possibility by analyzing Amazon rainforest preservation by Natura, a Brazilian cosmetics company. The results indicate that Natura internalized environmental externalities by linking...
-
作者：De Angelis, Tiziano; Tankov, Peter; Zerbib, Olivier David
作者单位：University of Turin; Collegio Carlo Alberto; Institut Polytechnique de Paris; Ecole Polytechnique; Boston University; Universite Catholique de Lille; EDHEC Business School
摘要：This paper shows how green investing spurs companies to mitigate their carbon emissions by raising the cost of capital of the most carbon-intensive companies. Companies??? emissions decrease when the wealth share of green investors and their sensitivity to climate externalities increase. We show that the impact of green investors primarily governs companies??? long-run emissions. Companies are further incentivized to reduce their emissions when green investors anticipate tighter climate regula...
