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Firms’ Management of Infrequent Shocks
Collier, Benjamin L. - 2016
We examine businesses' financial management of a rare, severe event using detailed firm-level data collected following Hurricane Sandy in the New York area. Credit played a prominent role in financing recovery; more negatively affected firms took on debt because of Sandy (38%) than received...
Persistent link: https://www.econbiz.de/10012456067
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Droughts, Floods and Financial Distress in the United States
Landon-Lane, John - 2009
The relationships among the weather, agricultural markets, and financial markets have long been of interest to economic historians, but relatively little empirical work has been done. We push this literature forward by using modern drought indexes, which are available in detail over a wide area...
Persistent link: https://www.econbiz.de/10012463053
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Expecting Floods : Firm Entry, Employment, and Aggregate Implications
Jia, Ruixue; Ma, Xiao; Xie, Victoria Wenxin - National Bureau of Economic Research - 2022
Flood events and flood risk have been increasing in the past few decades and have important consequences for the … flood risk has a large negative impact on firm entry, employment, and output in the long run; and (2) flood events reduce … a spatial equilibrium model to characterize how flood risk shapes firms' location choices and workers' employment, which …
Persistent link: https://www.econbiz.de/10013334467
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Sea Level Rise Exposure and Municipal Bond Yields
Goldsmith-Pinkham, Paul; Gustafson, Matthew; Lewis, Ryan; … - National Bureau of Economic Research - 2022
-maturity bonds and is not solely driven by near-term flood risk. We use a structural model of credit risk to quantify the implied …
Persistent link: https://www.econbiz.de/10013462708
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Evaluating the Role of Insurance in Managing Risk of Future Pandemics
Kunreuther, Howard; Schupp, Jason - National Bureau of Economic Research - 2021
COVID-19 has demonstrated the challenges that policymakers, insurers, businesses, and employees face when disaster assistance programs are developed after the pandemic has already started. There is now an opportunity to design and implement effective and efficient solutions to manage the...
Persistent link: https://www.econbiz.de/10012585452
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Hedging and Competition
Giambona, Erasmo; Kumar, Anil; Phillips, Gordon M. - National Bureau of Economic Research - 2021
We study how risk management through hedging impacts firms and competition among firms in the life insurance industry - an industry with over 7 Trillion in assets and over 1,000 private and public firms. We show that firms that are likely to face costly external finance increase hedging after...
Persistent link: https://www.econbiz.de/10012629427
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Why do Bank Boards have Risk Committees?
Stulz, René M.; Tompkins, James G.; Williamson, Rohan; … - National Bureau of Economic Research - 2021
We develop a theory of bank board risk committees. With this theory, such committees are valuable even though there is no expectation that bank risk is lower if the bank has a well-functioning risk committee. As predicted by our theory (1) many large and complex banks voluntarily chose to have a...
Persistent link: https://www.econbiz.de/10012599396
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Center Pivot Irrigation Systems as a Form of Drought Risk Mitigation in Humid Regions
Cooley, Daniel J.; Smith, Steven M. - National Bureau of Economic Research - 2022
Irrigation in the Eastern US receives little attention compared to the West, but farmers in humid states of the US, traditionally reliant on rainfall, have more than tripled irrigation since 1978. We examine this trend in Illinois where there has been a nearly threefold increase in center pivot...
Persistent link: https://www.econbiz.de/10013210121
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Why Do U.S. Firms Hold So Much More Cash Than They Used To?
Bates, Thomas W. - 2006
The average cash to assets ratio for U.S. industrial firms increases by 129% from 1980 to 2004. Because of this increase in the average cash ratio, American firms at the end of the sample period can pay back their debt obligations with their cash holdings, so that the average firm has no...
Persistent link: https://www.econbiz.de/10012466129
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Derivatives Usage in Risk Management by US and German Non-Financial Firms : A Comparative Survey
Bodnar, Gordon M. - 1998
This paper is a comparative study of the responses to the 1995 Wharton School survey of derivative usage among US non-financial firms and a 1997 companion survey on German non-financial firms. It is not a mere comparison of the results of both studies, but a comparative study, drawing a...
Persistent link: https://www.econbiz.de/10012472108