We investigate financial experts’ beliefs about climate risk pricing and analyze how those beliefs influence stock return expectations. In a comprehensive survey, we elicit experts’ beliefs using both structured and open-ended questions. We establish that most experts share the view that...

Intro -- Acknowledgements -- 1 Performing Theory? -- 2 Transforming Finance -- 3 Theory and Practice -- 4 Tests, Anomalies, and Monsters -- 5 Pricing Options -- 6 Pits, Bodies, and Theorems -- 7 The Fall -- 8 Arbitrage -- 9 Models and Markets -- Appendix A An Example of Modigliani and Miller's...

Global liquidity flows are largely channeled through banks and nonbank financial institutions. The common drivers of global liquidity flows include monetary policy in advanced economies and risk conditions. At the same time, the sensitivities of liquidity flows to changes in these drivers differ...