Yuan Xue, Bohui Zhang, and Xiaofeng Zhao ♦ Practical real-world activities consume energy and emit thermal infrared radiation (TIR). On the basis of this physical fact, we develop a measure for directly gauging firms’ operating activities. Specifically, we exploit satellite data…
Kateryna V Holland and Esther Im ♦ This study examines how changes in political leadership and rising U.S. polarization flow through societal culture to corporate culture. Using quasi-experimental methods, we find that executives adjust culture messaging in earnings calls on…
Christian T. Lundblad, Donghui Shi, Xiaoyan Zhang, and Zijian Zhang ♦ Using a proprietary dataset covering all foreign investors’ daily trades in the Chinese stock market from 2016 to 2019, we find that foreign order flows, facilitated by regulatory liberalization…
Rui Albuquerque, Yrjo Koskinen, and Raffaele Santioni ♦ This paper studies how ESG and conventional mutual funds trade stocks during the COVID-19 crash. Both fund types trade individual stocks similarly: net purchases of ESG stocks are less sensitive than other stocks…
Lu Han, Galit Ben Naim, and Stanislav Sokolinski ♦ We examine how team allocation shapes mutual fund managers’ compensation as well as their future productivity and careers. Assignment to a high-quality team lowers immediate compensation but accelerates career development-sharpening investment…
Xiaoyu Huang, Tao Jin, and Hao Zhou ♦ We model the time-varying probability of consumption disasters with international risk interactions and estimate the model using national accounts data of 42 countries back to 1833. The estimated world and country-specific disaster…
