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Divestment and Engagement : The Effect of Green Investors on Corporate Carbon Emissions

Kahn, Matthew E.; Matsusaka, John G.; Shu, Chong - National Bureau of Economic Research - 2023

This paper studies whether green investors can influence corporate greenhouse gas emissions through capital markets, either by divesting their stock and limiting polluters' access to capital, or holding polluters' stock and engaging with management. We focus on public pension funds, classifying...

Persistent link: https://www.econbiz.de/10014421217

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

Getting to the Core : Inflation Risks Within and Across Asset Classes

Fang, Xiang; Liu, Yang; Roussanov, Nikolai - National Bureau of Economic Research - 2022

Do "real" assets protect against inflation? Core inflation betas of stocks are negative while energy betas are positive; currencies, commodities, and real estate also mostly hedge against energy inflation but not core. These hedging properties are reflected in the prices of inflation risks: only...

Persistent link: https://www.econbiz.de/10013334388

Intermediary Balance Sheets and the Treasury Yield Curve

Du, Wenxin; Hébert, Benjamin; Li, Wenhao - National Bureau of Economic Research - 2022

We document regime change in the U.S. Treasury market post-Global Financial Crisis (GFC): dealers switched from a net short to a net long position in the Treasury market. We first derive bounds on Treasury yields that account for dealer balance sheet costs, which we call the net short and net...

Persistent link: https://www.econbiz.de/10013334440

Currency Risk Premiums : A Multi-horizon Perspective

Chernov, Mikhail; Dahlquist, Magnus - National Bureau of Economic Research - 2023

We review the literature on multi-horizon currency risk premiums. We show how the multi-horizon implications arise from the classic present-value relationship. We further show how these implications manifest themselves in the interaction between bond and currency risk premiums. This link is...

Persistent link: https://www.econbiz.de/10014322805

When do Treasuries Earn the Convenience Yield? : A Hedging Perspective

Acharya, Viral V.; Laarits, Toomas - National Bureau of Economic Research - 2023

We document that the convenience yield of U.S. Treasuries exhibits properties that are consistent with a hedging perspective of safe assets. The convenience yield tends to be low when the covariance of Treasury returns with the aggregate stock market returns is high. A decomposition of the...

Persistent link: https://www.econbiz.de/10014436994

Quantities and Covered-Interest Parity

Moskowitz, Tobias J.; Ross, Chase P.; Ross, Sharon Y.; … - National Bureau of Economic Research - 2024

Studies of intermediated arbitrage argue that bank balance sheets are an important consideration, yet little evidence exists on banks' positioning in this context. Using confidential supervisory data (covering $25 trillion in daily notional exposures) we examine banks' positions in connection...

Persistent link: https://www.econbiz.de/10014635670

Neutralizing the Adverse Industry Impacts of CO2 Abatement Policies : What Does it Cost?

Bovenberg, A. Lans - 2000

The most cost-effective policies for achieving CO2 abatement (e.g., carbon taxes) fail to get off the ground … permits or, similarly, must exempt only a small fraction of emissions from the base of a carbon tax. These policies involve a … large difference between preserving firms' profits and preserving their tax payments. Offsetting producers' carbon tax …

Persistent link: https://www.econbiz.de/10012471113

Robust Decarbonization of the US Power Sector : Policy Options

Stock, James H.; Stuart, Daniel N. - National Bureau of Economic Research - 2021

$40 carbon tax nearly achieves the robust 80% threshold and, in most scenarios, drives deep decarbonization. A 90% CES …

Persistent link: https://www.econbiz.de/10012510555

Environmental Drivers of Agricultural Productivity Growth : CO2 Fertilization of US Field Crops

Taylor, Charles A.; Schlenker, Wolfram - National Bureau of Economic Research - 2021

NASA's Orbiting Carbon Observatory-2 (OCO-2) satellite covering the majority of US cropland under actual growing conditions …

Persistent link: https://www.econbiz.de/10012659998

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