Using data from a broad panel of countries at a weekly frequency, we find that local natural disasters have significant effects on global portfolio flows. First, when disasters strike, international investors reduce their net flows to equity mutual funds exposed to affected countries. This only...

We study the impact of widening energy price differentials induced by the war in Ukraine on the returns of European and US firms. Using several measures of firms’ energy exposure we show that return differentials between EU and US firms significantly widened after the outbreak of the war in...

We analyse the impact of the shock to energy prices induced by the war in Ukraine on the financial performance of the major European firms listed in the Eurostoxx 600 index. We find that equity returns (CDS spreads) decreased (increased) more substantially for firms characterized by high energy...

We study the impact of the widening energy price differentials caused by the war in Ukraine on the returns of European and US firms. Using several measures of firms’ exposure to energy consumption, we show that return differentials between EU and US firms widened significantly and persistently...

China has become a major player in the global economy. The analysis, based on a new and original database of Chinese macroeconomic surprises, shows the significant impact that these surprises have on equity markets worldwide, as well as on commodity prices, on the US nominal effective exchange...

We compare different approaches to constructing financial condition indices (FCIs) for major emerging market economies (EMEs). We further test whether measures of web-search intensity for keywords related to financial tensions can complement the information content of traditional financial...

We study the implications of benchmark indexing for emerging economies by focusing on the inclusion of Chinese A-shares in the MSCI EM index. Making use of a rich dataset on fund allocations and flows between 2015 and 2020, we document an escalating weight of Chinese exposure in mutual funds and...

We analyze the impact of the shock to energy prices induced by the war in Ukraine on the financial performance of the major European firms listed in the Eurostoxx 600 index. We find that equity returns (CDS spread) decreased (increased) more substantially for firms characterized by high energy...