-
作者：Starks, Laura T.; Venkat, Parth; Zhu, Qifei
作者单位：University of Texas System; University of Texas Austin; U.S. Securities & Exchange Commission (SEC); National University of Singapore
摘要：We find that long-term institutional investors tilt their portfolios toward firms with better Environmental, Social, and Governance (ESG) profiles, in the cross sections of both institutional investor portfolios and the ownership of firms. We test whether several theoretically motivated mechanisms can explain this relationship. Our results that long-term investors exhibit patience with firms around poor earnings announcements, but quickly sell portfolio firms after negative ES incidents, suppo...
-
作者：Pedersen, Lasse Heje
作者单位：Copenhagen Business School; Centre for Economic Policy Research - UK
摘要：Green finance-including environmental, social, and governance investing and sustainable finance regulations-is widespread, but can it substitute for carbon pricing in fighting climate change? In a unified model, I show that (i) when carbon prices reflect the social cost of carbon, green finance should not be used; (ii) when carbon prices are too low, green finance can implement the social optimum if each firm's cost of capital can be set to its sustainable discount rate, which increases with t...
-
作者：Martin, Christopher; Puri, Manju; Ufier, Alexander
作者单位：Federal Deposit Insurance Corporation (FDIC); Duke University; National Bureau of Economic Research
摘要：Using unique, daily, account-level data, we investigate deposit outflows and inflows in a distressed bank. We observe an outflow of uninsured depositors following bad regulatory news. Both regular and temporary deposit insurance reduce outflows. We provide important new evidence that, simultaneous with deposit outflows, deposit inflows are first order. Uninsured deposit outflows were largely offset with new insured deposit inflows as the bank approached failure, with the bank increasing term d...
-
作者：Stavrakeva, Vania; Tang, Jenny
作者单位：University of London; London Business School; Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：Conventional wisdom holds that lowering a home country's interest rate relative to another's will depreciate the domestic currency. We document that, at business-cycle frequencies, U.S. forward guidance monetary policy easings had the opposite effect during the Great Recession. We attribute this effect to calendar-based forward guidance that signaled economic weakness, resulting in a flight-to-safety effect and lower expected U.S. inflation. We also document cross-currency heterogeneity: a sur...
