Treating the Russian invasion of Ukraine as a rare disaster event and defining proximity as both physical distance and … political closeness, we analyze investors’ response to disaster risk by examining the performance of commercial real estate … investments in countries of proximity to the event. We find that proximity to the war matters, but the impact of the disaster is …

management both in Russia and abroad. Mikhail Stolbov is Chair of the Department of Applied Economics and Professor in the … macroeconomics in Russia and abroad. …

adaptation by directly providing public goods to manage disaster risks or by facilitating private agents' adaptation responses …