When countries shift from a fixed to a floating currency regime, the change in currency risk for a US MNC is larger for currencies tied to the dollar during the fixed regime than for non-dollar-linked currencies. Our analysis exploits this difference in changes in currency risk around regime...

Using an hourly dataset on retail investor security positions from Robinhood Markets, we find that ESG disclosures are irrelevant to retail investors' portfolio allocation decisions. The response to ESG press releases by retail investors is no different than the routine portfolio adjustments...