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International Trade, Noise Pollution, and Killer Whales

Taylor, Michael Scott; Mayer, Fruzsina - National Bureau of Economic Research - 2023

novel data, an innovative noise pollution model, and quasi-experimental methods borrowed from environmental economics to … solve this puzzle. We find consistent evidence that vessel noise pollution from international shipping has lowered fertility … and raised the mortality of the SRKW significantly. Had noise pollution remained at its pre-1998 levels, the SRKW …

Persistent link: https://www.econbiz.de/10014322777

Unexploited gains from international diversification : patterns of portfolio holdings around the world

Didier, Tatiana - 2011

"This paper studies how portfolios with a global investment scope are actually allocated internationally using a unique micro dataset on U.S. equity mutual funds. While mutual funds have great flexibility to invest globally, they invest in a surprisingly limited number of stocks, around 100. The...

Persistent link: https://www.econbiz.de/10011394818

Corporate Social Responsibility

Hong, Harrison G.; Shore, Edward P. - National Bureau of Economic Research - 2022

Is shareholder interest in corporate social responsibility driven by pecuniary motives (abnormal rates of return) or non-pecuniary ones (willingness to sacrifice returns to address various firm externalities)? To answer this question, we categorize the literature into seven tests: (1) costs of...

Persistent link: https://www.econbiz.de/10013477263

On the Source and Instability of Probability Weighting

Frydman, Cary; Jin, Lawrence J. - National Bureau of Economic Research - 2023

We propose and experimentally test a new theory of probability distortions in risky choice. The theory is based on a core principle from neuroscience called efficient coding, which states that information is encoded more accurately for those stimuli that the agent expects to encounter more...

Persistent link: https://www.econbiz.de/10014337806

Machine Forecast Disagreement

Bali, Turan G.; Kelly, Bryan T.; Mörke, Mathis; … - National Bureau of Economic Research - 2023

We propose a statistical model of differences in beliefs in which heterogeneous investors are represented as different machine learning model specifications. Each investor forms return forecasts from their own specific model using data inputs that are available to all investors. We measure...

Persistent link: https://www.econbiz.de/10014337816

Voting Choice

Malenko, Andrey; Malenko, Nadya - National Bureau of Economic Research - 2023

Traditionally, fund managers cast votes on behalf of investors whose capital they manage. Recently, this system has come under intense debate given the growing concentration of voting power among a few asset managers and disagreements over environmental and social issues. Major fund managers now...

Persistent link: https://www.econbiz.de/10014337868

Keep Calm and Bank On : Panic-Driven Bank Runs and the Role of Public Communication

Sandri, Damiano; Grigoli, Francesco; Gorodnichenko, Yuriy; … - National Bureau of Economic Research - 2023

Using a survey with information treatments conducted in the aftermath of SVB's collapse, we study households' perspectives on bank stability, the potential for panic-driven bank runs, and the role of public communication. When informed about SVB's collapse, households become more likely to...

Persistent link: https://www.econbiz.de/10014337876

Daily Momentum and New Investors in an Emerging Stock Market

Gao, Zhenyu; Jiang, Wenxi; Xiong, Wei A.; Xiong, Wei - National Bureau of Economic Research - 2023

Despite the dominance of retail investors in the Chinese stock market, there's a conspicuous absence of price momentum in weekly and monthly returns. This study uncovers the presence of price momentum in daily returns and, through a systematic analysis of trading heterogeneity among investors,...

Persistent link: https://www.econbiz.de/10014436970

Who Invests in Crypto? Wealth, Financial Constraints, and Risk Attitudes

Aiello, Darren; Baker, Scott; Balyuk, Tetyana; Di … - National Bureau of Economic Research - 2023

We provide a first look into the drivers of household cryptocurrency investing. Analyzing consumer transaction data for millions of U.S. households, we find that, except for high income early adopters, cryptocurrency investors resemble the general population. These investors span all income...

Persistent link: https://www.econbiz.de/10014436987

What Drives Booms and Busts in Value?

Campbell, John Y.; Giglio, Stefano; Polk, Christopher - National Bureau of Economic Research - 2023

Value investing delivers volatile returns, with large drawdowns during both market booms and busts. This paper interprets these returns through an intertemporal CAPM, which predicts that aggregate cash flow, discount rate, and volatility news all move value returns. We document that indeed these...

Persistent link: https://www.econbiz.de/10014436990

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