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availability and competitive labor markets. Climate risk management by firms mitigates the impact of heat shocks on aggregate …
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We survey the microeconomics literature that studies how firms in the developing world are adapting to extreme weather, local pollution, and natural disasters. Climate change increases the uncertainty that every firm must address as it decides where and how to produce and who to trade with. We...
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theories that demonstrate links between firm value and total risk, I examine how financial risk management is used to manage … firm total risk. I conclude from the evidence that the use of financial risk management is mostly limited to near-term risk … in non-financial firms. I offer explanations for this limited role of financial risk management. I argue that the …
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Tracking the movement of top managers across firms, we document the importance of manager-specific fixed effects in explaining heterogeneity in firm exposures to systematic risk. These differences in systematic risk are partially explained by managers' corporate strategies, such as their...
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