We examine whether the public environmental concerns promote the development of new energy enterprises through a quasi-experiment China’s extreme event of 2011 when the PM2.5 Surge incident escalated public environmental concerns. After this incident, the market power of new energy enterprises...

We estimate and test long-run risk models using international macroeconomic and financial data. The benchmark model features a representative agent who has recursive preferences with a time preference shock, a persistent component in expected consumption growth, and stochastic volatility in...