We distinguish the measure of risk aversion from the slope coefficient in the linear relationship between the mean … excess return on a stock index and its variance. Even when risk aversion is constant, the latter can vary significantly with …

Government subsidies are often used to stimulate environment-friendly investment. We find that Chinese firms reduce … green investment as the uncertainty of subsidies rises. This effect is identified from weather-driven fluctuations in air … engage in less green R&D investment, patent applications, and research staff. Industries that are heavy emitters and those …

competitive firm. We implement our recovery method in a purpose-built experiment. We quantitatively assess the trade-off between …

There are three primary measures of teaching performance: student test-based measures (i.e., value added), classroom … teachers' classrooms, prior research has largely focused on the validity of value-added measures. We conduct an experiment … involving 66 mathematics teachers in four school districts and test the validity of all three types of measures. Specifically …

The literature on skill formation and human capital development clearly demonstrates that early investment in children … examine the impact of investment between utero to 18 months of age on a range of parental and child outcomes. Using the … relatively short timeframe, yet continued investment may be required to observe direct effects on child development. While …

environment. Alternatively, if subjects bracket broadly, responses reflect subjects' marginal returns to investment. We test both … hypotheses in a lab-in-the-field experiment, which involves repeated MEL games, a large unconditional cash transfer, and an …

values. We first develop a news-based measure of aggregate biodiversity risk and analyze how it varies over time. We also … construct and publicly release several firm-level measures of exposure to biodiversity risk, based on textual analyses of firms …-related funds. Exposures to biodiversity risk vary substantially across industries in a way that is economically sensible and …