Do investors correctly price extreme events that they have never seen occur? To shed light on this question, I examine market responses to the risk of nuclear war during the Cuban Missile Crisis. I find evidence that investors indeed priced firms' exposures to nuclear destruction: Firms...

Do investors correctly price extreme events that they have never seen occur? To shed light on this question, I examine market responses to the risk of nuclear war during the Cuban Missile Crisis. I find evidence that investors indeed priced firms’ exposures to nuclear destruction: Firms...

Do investors correctly price extreme events that they have never seen occur? To shed light on this question, I examine market responses to the risk of nuclear war during the Cuban Missile Crisis. I find evidence that investors indeed priced firms' exposures to nuclear destruction: Firms...

New York Times v. Sullivan (1964) is an iconic decision, foundational to modern First Amendment theory, and in a string of follow-on decisions the Court firmly grounded free speech theory and practice in the need to protect democratic discourse. To do this the Court provided broad and deep...