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,…
Huan Kuang, Bing Liang, Tianyi Qu, and Mila Getmansky Sherman ♦ Over the past decade, hedge funds have increasingly embraced green investing. We develop a novel return-based measure of fund greenness and find that greener funds earn higher average returns,…
