Claudia Custodio, Miguel A Ferreira, Emilia Garcia-Appendini, and Adrian Lam ♦ We estimate the supply-side effects of climate change on firm sales by exploiting variation in local average temperature across suppliers of the same client. A 1°C increase in temperature…
Stefano Colonnello, Roberto Marfè, and Qizhou Xiong ♦ We build a granular dataset of residential property yields using rental and sale listings from a major German real estate platform. With more than 1.5 million property-level rent-to-price ratios, we document a…
Leonard Kostovetsky, Lin Peng, Christopher Rauh, and Muhammed Yonac ♦ We develop a novel, high-frequency measure of local climate change attention based on a comprehensive dataset covering over 5,000 U.S. newspapers across all major population centers. Heightened attention significantly increases…
Cloé Garnache ♦ Using regression discontinuity and difference-in-differences designs to compare prices of California homes across a new wildfire risk zone boundary, I identify null effects in the immediate vicinity of the new risk zone boundary. In contrast, prices of…
Ilias Filippou, David E. Rapach, Mark P. Taylor, and Guofu Zhou ♦ The exchange rate predictability puzzle—that fundamentals fail to forecast short-horizon exchange rate movements out of sample—has long resisted resolution. We show that fundamentals do matter, but their effects…
Senay Agca, Pablo Slutzky, and Stefan Zeume ♦ We examine how strengthened anti-money laundering (AML) enforcement affects the U.S.-banking sector. Heightened enforcement raises compliance costs disproportionately for small banks, especially in counties more exposed to money laundering. In these areas,…
