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ESG Confusion and Stock Returns : Tackling the Problem of Noise

Berg, Florian; Koelbel, Julian F.; Pavlova, Anna; … - National Bureau of Economic Research - 2022

How does ESG (environmental, social, and governance) performance affect stock returns? Answering this question is … difficult because existing measures of ESG perfor- mance -- ESG ratings -- are noisy and, therefore, standard regression … ESG ratings with ratings of other ESG rating agencies, as in the classical errors-in-variables problem. The corrected …

Persistent link: https://www.econbiz.de/10013435124

Gold's Value as an Investment

Jermann, Urban J. - National Bureau of Economic Research - 2023

For investors, gold is an asset without a yield that is attractive in times of low and negative real interest rates. Gold also has an embedded put option because investors can sell it to those who value its use as jewelry or as a productive input. This paper presents an approach for pricing gold...

Persistent link: https://www.econbiz.de/10014322774

Impact Investing

Barber, Brad M. - 2019

We document that investors derive nonpecuniary utility from investing in dual-objective VC funds, thus sacrificing returns. Impact funds earn 4.7 percentage points (ppts) lower IRRs ex post than traditional VC funds. In random utility/willingness-to-pay (WTP) models investors accept 2.5-3.7 ppts...

Persistent link: https://www.econbiz.de/10012480526

The US, Economic News, and the Global Financial Cycle

Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2023

We provide evidence for a causal link between the US economy and the global financial cycle. Using intraday data, we show that US macroeconomic news releases have large and significant effects on global risky asset prices. Stock price indexes of 27 countries, the VIX, and commodity prices all...

Persistent link: https://www.econbiz.de/10014247914

The Stock Market and Investment : Evidence from FDI Flows

Baker, Malcolm - 2004

Foreign direct investment offers a rich laboratory in which to study the broader economic effects of securities market mispricing. We outline and test two mispricing-based theories of FDI. The cheap assets' or fire-sale theory views FDI inflows as the purchase of undervalued host country assets,...

Persistent link: https://www.econbiz.de/10012468134

The Predictive Power of the Term Spread and Financial Variables for Economic Activity across Countries

Chinn, Menzie David; Ferrara, Laurent - National Bureau of Economic Research - 2024

In recent years, there has been renewed interest in the moments of the yield curve (or alternatively, the term spread) as a predictor of future economic activity, defined as either recessions, or industrial production growth. In this paper, we re-examine the evidence for this predictor for the...

Persistent link: https://www.econbiz.de/10014468283

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

Policy Interventions and China's Stock Market in the Early Stages of the COVID-19 Pandemic

Davis, Steven J.; Liu, Dingqian; Sheng, Xuguang; Wang, Yan - National Bureau of Economic Research - 2025

China's stock market greatly outperformed other national markets during the first several months of the COVID-19 pandemic, and it did so even before it became evident that early containment efforts would flounder in the United States and many other countries. As to why, one view holds that...

Persistent link: https://www.econbiz.de/10015326478

Discount Factors and Monetary Policy : Evidence from Dual-Listed Stocks

Vandeweyer, Quentin; Yang, Minghao; Yannelis, Constantine - National Bureau of Economic Research - 2024

This paper studies the transmission of monetary policy to the stock market through investors' discount factors. To isolate this channel, we investigate the effect of US monetary policy surprises on the ratio of prices of the same stock listed simultaneously in Hong Kong and Mainland China, and...

Persistent link: https://www.econbiz.de/10014544777

Business, Liquidity, and Information Cycles

Bostanci, Gorkem; Ordoñez, Guillermo - National Bureau of Economic Research - 2024

Stock markets play a dual role: help allocate capital by conveying information about firms' fundamentals and provide liquidity by quickly turning stocks into cash. We propose a trading model in which these two roles are endogenously related: more intensive use of stocks for liquidity affects...

Persistent link: https://www.econbiz.de/10014544779