Each year developing countries seek billions of dollars of investment in their infrastructure, and private investors, mostly in rich countries, seek places to invest trillions of dollars of new savings. Private foreign investment in the infrastructure of developing countries would seem to hold...

We study whether climate policy uncertainty (CPU) is priced cross-sectionally in individual stocks and find a significant negative relation. On average, the risk-adjusted annual future returns of stocks with low exposure to CPU are 6.5%–7.7% greater than the returns of stocks with high...

We show that option-implied jump tail risk estimated prior to earnings announcements strongly predicts post-earnings risk-adjusted abnormal stock returns. The predictive power of implied jump tail risk is particularly strong on extreme abnormal stock returns whose absolute values exceed 10%. The...