We propose a new measure of firm-level climate regulatory exposure based on 10-K filings. Using the 2016 Trump election as an exogenous shock to perceived climate regulatory risks, we identify a positive effect on stock returns for firms with higher climate regulatory exposures; they experience...

We construct simple indices based on newspaper mentions of the word ``recession'' and show they are useful coincident and leading indicators of U.S. economic activity. These indices compare favourably, both in-sample and out-of-sample, with other business-cycle predictors. Importantly,...

We construct empirical measures of U.S. business-cycle activity based on media mentions of the word “recession” in financial newspapers. The MRIs (media recession indicators) are useful predictors of U.S. economic activity and stock returns, both in-sample and out-of-sample. Moreover, they...