Environmental disasters are thought to increase the focus on corporate sustainability in the communities where they occur. Extracting data on wildfires (a frequent type of disaster in the U.S.) and using ESG ratings and EPA air enforcement actions to construct measures of local corporate...

Extreme natural hazards represent, together with crises and wars, the most disruptive phenomena for economic activity. Their economic impact has been shown to be remarkable, long-lasting, and growing over time, though the exact mechanisms at stake are challenging to isolate and quantify. As...

Asset pricing and climate policy are analyzed in a global economy where consumption goods are produced by both a green and a carbon-intensive sector. We allow for endogenous growth and three types of damages from global warming. It is shown that, initially, the desire to diversify assets...

Extreme natural hazards represent, together with crises and wars, the most disruptive phenomena for economic activity. Their economic impact has been shown to be remarkable, long-lasting, and growing over time, though the exact mechanisms at stake are challenging to isolate and quantify. As...

This paper studies the short-term impact of a volcano eruption on tourism demand, supply, and hospitality labour in La Palma (Spain), an island economy that is highly dependent on the tourism sector. Based on a monthly panel dataset at the touristic zone level, we use SeeminglyUnrelated...

Natural disasters have considerable economic and social ramifications by disrupting public utility services, such as power outages, disconnecting phone service, and transportation interruptions. This study seeks to understand the performance and resilience of critical infrastructure systems...

Catastrophe insurance markets have changed beyond recognition since the sudden upturn in claims beginning in 1966. There is now a growing tendency for risk manager to bypass traditional insurance markets, and a variety of instruments designed directly to transfer risk to the financial markets....

Quantifying factors giving rise to temporal variation in forest fires is important for advancing scientific understanding and improving fire prevention. We demonstrate that eighty percent of the large year-to-year variation in forest area burned in California can be accounted for by variation in...

We study environmental policy in an economy-ecology model featuring multiple deterministic stable steady-state ecological equilibria. The economy-ecology does not settle in either of the deterministic steady states as the environmental system is hit by random shocks. Individual live for two...

Exploring evacuation spill information from the U.S. Coast Guard’s National Response Center database, we examine how firms alter their green innovation activities and strategies in response to environmental spills occurring near their headquarters. We find that, in response to nearby...