A Real Investment-based Model of Asset Pricing

Frederico Belo^1,2, Xinwei Li¹

1: INSEAD, France; 2: CEPR

Asset Growth Effect and Q Theory of Investment

Leonid Kogan¹, Jun Li², Xiaotuo Qiao³

1: MIT Sloan; 2: University of Texas at Dallas, United States of America; 3: Zhongnan University of Economics and Law

Leasing as a Mitigation Channel of Capital Misallocation

Weiwei Hu¹, Kai Li¹, Yiming Xu²

1: Peking University; 2: Cambridge University

Can Stablecoins be Stable?

Adrien d'Avernas¹, Vincent Maurin¹, Quentin Vandeweyer²

1: Stockholm School of Economics, Sweden; 2: Chicago Booth

Stablecoin Runs

Yiming Ma¹, Yao Zeng², Anthony Lee Zhang³

1: Columbia Business School, United States of America; 2: Wharton; 3: Chicago Booth

Keeping Up in the Digital Era: How Mobile Technology Is Reshaping the Banking Sector

Charlotte Haendler

Southern Methodist University, United States of America

Anomaly or Possible Risk Factor? Simple-To-Use Tests

Benjamin Holcblat¹, Abraham Lioui², Michael Weber³

1: University of Luxembourg, Luxembourg; 2: EDHEC Business School; 3: Booth School of Business, University of Chicago, CEPR, and NBER

Asset-Pricing Factors with Economic Targets

Svetlana Bryzgalova¹, Victor DeMiguel¹, Sicong Li¹, Markus Pelger²

1: London Business School; 2: Stanford University

Inflation Surprises in the Cross-section of Equity Returns

Antonio Gil de Rubio Cruz, Emilio Osambela, Berardino Palazzo, Francisco Palomino, Gustavo Suarez

Board of Governors of the Federal Reserve System, United States of America

Desperate Capital Breeds Productivity Loss: Evidence from Public Pension Investments in Private Equity

Vrinda Mittal

Columbia Business School, Columbia University in the City of New York, United States of America

Private Equity and Corporate Borrowing Constraints: Evidence from Loan Level Data

Sharjil Haque¹, Simon Mayer², Young Soo Jang³

1: Board of Governors of the Federal Reserve System; 2: University of Chicago Booth School of Business; 3: HEC Paris

Conflicting Fiduciary Duties and Fire Sales of VC-backed Start-ups

Bo Bian¹, Yingxiang Li¹, Casimiro Antonio Nigro²

1: University of British Columbia, Sauder School of Business; 2: Goethe Universitaet Frankfurt am Main, Germany

Principal Trading Arrangements: Optimality under Temporary and Permanent Price Impact

Markus Baldauf¹, Christoph Frei², Joshua Mollner³

1: UBC, Canada; 2: University of Alberta; 3: Northwestern, Kellogg

Optimal Fee Pricing

Roberto Ricco'¹, Barbara Rindi², Duane Seppi³

1: Norwegian School of Economics, Norway; 2: Bocconi University, IGIER, Baffi-Carefin; 3: Tepper School of Business, Carnegie Mellon University

Imperfect Competition and the Financialization of Commodities Markets

Hugues Dastarac

Banque de France, France

Does Relationship Lending Discipline Disclosure? Evidence from Bailout Firms

Daniel Rabetti

Tel Aviv University, Israel

Old Program, New Banks: Online Banks in Small Business Lending

Elizabeth Bickmore, Andrew MacKinlay, Yessenia Tellez

Virginia Polytechnic Institute and State University, United States of America

The Entrepreneurial Finance of Fintech Firms and the Effect of Fintech Investments on the Performance of Corporate Investors

Thomas Chemmanur¹, Michael Imerman², Harshit Rajaiya³, Qianqian Yu⁴

1: Boston College, United States of America; 2: University of California Irvine, United States of America; 3: University of Ottawa, Canada; 4: Lehigh University, United States of America

Shareholders’ Voice at Virtual-Only Shareholder Meetings

Miriam Schwartz-Ziv

Hebrew University of Jerusalem, Israel

Who Do You Vote for? Same-Race Preferences in Shareholder Voting

Johan Sulaeman, Qiaozhi Ye

National University of Singapore, Singapore

The Voting Behavior of Women-Led Mutual Funds

Alberta Di Giuli¹, Alexandre Garel², Arthur Petit-Romec³

1: ESCP, France; 2: Audencia Business School; 3: Toulouse Business School

Venture Labor: A Nonfinancial Signal for Start-up Success

Sean Cao¹, Jie He², Zhilu Lin³, Xiao Ren⁴

1: University of Maryland; 2: University of Georgia; 3: Clarkson University, United States of America; 4: Chinese University of Hong Kong, Shenzhen

Venture Capital (Mis)Allocation in the Age of AI

Victor Lyonnet¹, Lea Stern²

1: Ohio State University, United States of America; 2: University of Washington

How do firms choose between growth and efficiency?

Laurent Fresard¹, Loriano Mancini¹, Enrique Schroth², Davide Sinno¹

1: Institute of Finance, USI Lugano; 2: EDHEC Business School

ESG Shocks in Global Supply Chains

Emilio Bisetti¹, Guoman She², Alminas Zaldokas¹

1: HKUST, Hong Kong S.A.R. (China); 2: The University of Hong Kong

Decarbonizing Institutional Investor Portfolios: Helping to Green the Planet or Just Greening Your Portfolio?

Vaska Atta-Darkua¹, Simon Glossner², Philipp Krueger³, Pedro Matos¹

1: University of Virginia, United States of America; 2: Board of Governors of the Federal Reserve System; 3: University of Geneva

Going Green: The Effect of Environmental Regulations on Firm Innovation and Value

Grace Fan¹, Xi Wu²

1: Singapore Management University; 2: University of California-Berkeley, United States of America

Asset Pricing with Optimal Under-Diversification

Vadim Elenev¹, Tim Landvoigt²

1: Johns Hopkins; 2: Wharton

Value Without Employment

Simcha Barkai¹, Stavros Pa²

1: Boston College, United States of America; 2: UCLA Anderson School of Management

Who Bears the Cost of Aggregate Fluctuations and Why?

Maarten Meeuwis¹, Dimitris Papanikolaou², Jonathan Rothbaum³, Lawrence Schmidt⁴

1: Washington University in St. Louis; 2: Kellogg School of Management and NBER; 3: U.S. Census Bureau; 4: MIT Sloan School of Management

(In)dependent Central Banks

Vasso Ioannidou¹, Sotirios Kokas², Thomas Lambert³, Alexander Michaelides⁴

1: Bayes Business School and CEPR; 2: University of Essex; 3: Rotterdam School of Management, Erasmus University, Netherlands, The; 4: Imperial College London and CEPR

Liquidity Dependence: Why Shrinking Central Bank Balance Sheets is an Uphill Task

Sascha Steffen³, Viral Acharya¹, Rahul Chauhan², Raghuram Rajan³

1: NYU Stern School of Business; 2: University of Chicago Booth School of Business; 3: Frankfurt School of Finance & Management

Money Markets and Bank Lending: Evidence from the Tiering Adoption

Altavilla Carlo², Miguel Boucinha², Lorenzo Burlon², Mariassunta Giannetti¹, Julian Schumacher²

1: Stockholm School of Economics, Sweden; 2: European Central Bank

The Demand for Programmable Payments

Charles Kahn¹, Maarten van Oordt^2,3

1: University of Illinois, United States; 2: Tinbergen Institute, the Netherlands; 3: VU Amsterdam, the Netherlands

Stablecoins and short-term funding markets

Jean Barthélémy, Paul Gardin, Benoit Nguyen

Banque de France, France

Lending and monitoring: Big Tech vs Banks.

Matthieu Bouvard¹, Catherine Casamatta¹, Rui Xiong²

1: Toulouse School of Economics, France; 2: Toulouse School of Management, France

Open Banking under Maturity Transformation

Itay Goldstein¹, Chong Huang², Liyan Yang³

1: Wharton, University of Pennsylvania; 2: University of California, Irvine; 3: University of Toronto

Stop believing in reserves

Sriya Anbil, Alyssa Anderson, Ethan Cohen, Romina Ruprecht

Federal Reserve Board, United States of America

Nonbank Fragility in Credit Markets: Evidence from a Two-Layer Asset Demand System

Kerry Siani¹, Olivier Darmouni², Kairong Xiao²

1: MIT Sloan; 2: Columbia Business School

On The Quality Of Cryptocurrency Markets: Centralized Versus Decentralized Exchanges

Andrea Barbon, Angelo Ranaldo

University of St.Gallen, Switzerland

Price Discovery on Decentralized Exchanges

Agostino Capponi, Ruizhe Jia, Shihao Yu

Columbia University, United States of America

Competition in the Market for Cryptocurrency Exchanges

Junyi Hu¹, Anthony Lee Zhang²

1: Fudan University; 2: University of Chicago Booth School of Business

The price of leverage: what LTV constraints tell about job search and wages?

Gazi Kabas¹, Kasper Roszbach²

1: Tilburg University; 2: Norges Bank

Asset-side Bank Runs and Liquidity Rationing: A Vicious Cycle

Zongbo Huang

The Chinese University of Hong Kong, Shenzhen, China, People's Republic of

Concentrating on Bailouts: Government Guarantees and Bank Asset Composition

Christian Eufinger¹, Juan Pablo Gorostiaga¹, Björn Richter²

1: IESE Business School, Spain; 2: UPF & BSE

Incentives for Information Acquisition and Voting by Shareholders

Adam Meirowitz¹, Shaoting Pi²

1: Yale University; 2: Iowa State University, United States of America

Decoupling Voting and Cash Flow Rights

Andras Danis¹, Andre Speit², Paul Voss¹

1: Central European University; 2: Independent Researcher

The Voting Premium

Doron Levit², Nadya Malenko¹, Ernst Maug³

1: Boston College; 2: University of Washington; 3: University of Mannheim

The Supply and Demand for Data Privacy: Evidence from Mobile Apps

Bo Bian¹, Xinchen Ma², Huan Tang³

1: University of British Columbia; 2: London School of Economics; 3: London School of Economics, CEPR

Excess Commitment in R&D

Marius Guenzel¹, Tong Liu²

1: Wharton School, University of Pennsylvania, United States of America; 2: MIT Sloan

Financing Cycles and Maturity Matching

Thomas Geelen^1,6, Jakub Hajda², Erwan Morellec^4,5, Adam Winegar³

1: Copenhagen Business School, Denmark; 2: HEC Montreal, Canada; 3: BI Oslo, Norway; 4: EPFL, Switzerland; 5: Swiss Finance Institute, Switzerland; 6: Danish Finance Institute, Denmark

Reducing Carbon using Regulatory and Financial Market Tools

Franklin Allen¹, Adelina Barbalau², Federica Zeni³

1: Imperial College London; 2: University of Alberta; 3: World Bank

Fresh Start or Fresh Water: The Impact of Environmental Lender Liability

Aymeric Bellon

UNC Chapel Hill, United States of America

Beyond Climate: The impact of biodiversity, water, and pollution on the CDS term structure

Andreas Hoepner¹, Johannes Klausmann², Markus Leippold³, Jordy Rillaerts⁴

1: University College Dublin; 2: ESSEC Business School; 3: University of Zurich and Swiss Finance Institute (SFI); 4: University of Zurich and Swiss Finance Institute (SFI)

“Buy the Rumor, Sell the News”: Liquidity Provision by Bond Funds Following Corporate News Events

Alan Guoming Huang², Russ Wermers³, Jinming Xue¹

1: Southern Methodist University, United States of America; 2: University of Waterloo; 3: University of Maryland

The Trickle-Down Effect of Government Debt and Social Unrest

Ben Charoenwong

National University of Singapore, Singapore

Optimal Tick Size

Giuliano Graziani¹, Barbara Rindi²

1: Bocconi University; 2: Bocconi University, IGIER, Baffi-Carefin

Skewness Preferences: Evidence from Online Poker

Markus Dertwinkel-Kalt², Johannes Kasinger¹, Dmitrij Schneider³

1: Leibniz Institute for Financial Research SAFE, Germany; 2: University of Münster; 3: Heinrich Heine University Düsseldorf

Active Mutual Fund Common Owners' Returns and Proxy Voting Behavior

Ben Charoenwong, Zhenghui Ni, Qiaozhi Ye

NUS Business School, National University of Singapore

In victory or defeat: Consumption responses to wealth shocks

Alex Imas¹, Tse-Chun Lin², Yan Luo³, Xiaohuan Wang⁴

1: Booth School of Business, University of Chicago; 2: HKU Business School, The University of Hong Kong; 3: School of Management, Fudan University; 4: Shanghai National Accounting Institute, China

Bank Monopsony Power and Deposit Demand

Teng Huang

Luiss University, Italy

Risk-taking by asset managers and bank regulation

Wenqian Huang, Nikola Tarashev, Inaki Aldasoro

Bank for International Settlements, Switzerland

Spreading Pressure and the Commodity Futures Risk Premium

Arie Gozluklu¹, Gi Kim¹, Yujing Gong²

1: University of Warwick, United Kingdom; 2: London School of Economic

The Economics of Mutual Fund Marketing

Jane Chen³, Wenxi {Griffin} Jiang¹, Mindy Xiaolan²

1: CUHK Business School, The Chinese University of Hong Kong; 2: UT Austin; 3: LSE

Do board connections between product market peers impede competition?

Radhakrishnan Gopalan², Renping Li², Alminas Zaldokas¹

1: Olin Business School, Washington University in St. Louis; 2: Hong Kong University of Science and Technology, Hong Kong S.A.R. (China)

Does Democracy Shape International Merger Activity

Muhammad Farooq Ahmad¹, Thomas Lambert², Jose M. Martin-Flores³, Arthur Petit-Romec⁴

1: SKEMA Business School; 2: Rotterdam School of Management; 3: CUNEF Universidad; 4: Toulouse Business School

Biases in Private Equity Returns

Simon Hayley, Onur Sefiloglu

City, University of London, United Kingdom

Slow Belief Updating and the Disposition Effect

Aleksi Pitkäjärvi

Aalto University, Finland

How Does Benchmarking Affect Market Efficiency? — The Role of Learning Technology

Wen Chen¹, Bo Hu², Yajun Wang³

1: The Chinese University of Hong Kong, Shenzhen; 2: George Mason University; 3: Baruch College, City University of New York

Resurrecting the Value Factor from its Redundancy

Manuel Ammann¹, Tobias Hemauer¹, Simon Straumann²

1: University of St. Gallen, Switzerland; 2: WHU - Otto Beisheim School of Management, Germany

Borrower Technology Similarity and Bank Loan Contracting

Mingze Gao¹, Yunying Huang¹, Steven Ongena², Eliza Wu¹

1: University of Sydney, Australia; 2: University of Zurich, Switzerland

Household Debt Overhang and Human Capital Investment

Gustavo Manso¹, Alejandro Rivera², Hui Grace Wang³, Han Xia²

1: University of California, Berkeley; 2: University of Texas at Dallas, United States of America; 3: Bentley University

Machine learning and the cross-section of emerging market stock returns

Matthias Hanauer, Tobias Kalsbach

Technical University of Munich, Germany

BETTING ON THE CEO

Utpal Bhattacharya¹, Yuet Ning Chau¹, Kasper Nielsen²

1: Hong Kong University of Science and Technology; 2: Copenhagen Business School

Memory and Analyst Forecasts: A Machine Learning Approach

Zhongtian Chen¹, Jiyuan Huang^2,3

1: Department of Finance, The Wharton School, University of Pennsylvania; 2: University of Zurich, Switzerland; 3: Swiss Finance Institute

Somebody Stop Me: The Asset Pricing Implications of Principal-Agent Conflicts

Juan Zelaya

BI Norwegian Business School, Norway

Equity-based microfinance and risk preferences

Muhammad Meki

University of Oxford, United Kingdom

Is Flood Risk Priced in Bank Returns?

Valentin Schubert

Stockholm School of Economics, Sweden

Satisfied Employees, Satisfied Investors: How Employee Well-being Impacts Mutual Fund Returns

Elias Ohneberg, Pedro Saffi

University of Cambridge - Judge Business School

Option Trade Classification

Caroline Grauer¹, Philipp Schuster², Marliese Uhrig-Homburg¹

1: Karlsruhe Institute of Technology, Germany; 2: University of Stuttgart, Germany

Earnings Announcements: Ex-ante Risk Premia

Hong Liu¹, Yingdong Mao², Xiaoxiao Tang², Guofu Zhou¹

1: University of Texas at Dallas, United States of America; 2: Washington University in St. Louis, United States of America

The Dealer Warehouse – Corporate bond ETFs

Caitlin Dannhauser¹, Egle Karmaziene²

1: Villanova University, United States of America; 2: Vrije Universiteit Amsterdam, Swedish House of Finance and Tinbergen Institute

Smokestacks and the Swamp

Emilio Bisetti¹, Stefan Lewellen², Arkodipta Sarkar³, Xiao Zhao¹

1: Hong Kong University of Science and Technology, Hong Kong S.A.R. (China); 2: Pennsylvania State University; 3: National University of Singapore

Kamikazes in Public Procurement

Dimas Fazio¹, Alminas Zaldokas²

1: National University of Singapore - NUS; 2: Hong Kong University of Science and Technology - HKUST

Salience Bias in Belief Formation

Busra Eroglu, Martin Weber

University of Mannheim, Germany

Anonymous Loan Applications and Racial Disparities

Poorya Kabir, Tianyue Ruan

NUS Business School, Singapore

Issuer Certification in Money Markets

Olav Syrstad¹, Sven Klingler², Aleksandra Rzeznik³

1: Central Bank of Norway, Norway; 2: BI; 3: Schulich School of Business

CBDC, Monetary Policy Implementation, and The Interbank Market

Nora Lamersdorf¹, Tobias Linzert², Cyril Monnet³

1: Frankfurt School of Finance & Management; 2: European Central Bank; 3: University of Bern and Study Center Gerzensee

Imputing Mutual Fund Trades

Dion Bongaerts¹, Jean-Paul van Brakel^1,2, Mathijs van Dijk¹, Joop Hui^1,2

1: Erasmus University Rotterdam, Netherlands, The; 2: Robeco Institutional Asset Management

Concentrating on Bailouts: Government Guarantees and Bank Asset Composition

Christian Eufinger¹, Juan Pablo Gorostiaga¹, Björn Richter²

1: IESE Business School, Spain; 2: UPF & BSE

Entry along the supply chain: removing growth restrictions on firms in India

Chhavi Rastogi

University of Bonn, Germaany

Technology and Cryptocurrency Valuation

Jinfei Sheng¹, Yukun Liu², Wanyi Wang¹

1: University of California, Irvine; 2: University of Rochester

The Value of Employee Morale in Mergers and Acquisitions: Evidence from Glassdoor

Kristina Lalova

University of Connecticut, United States of America

Prepayment Penalties, Adverse Selection, and Mortgage Default

Samuel James

University of Birmingham, United Kingdom

Regulatory Model Secrecy and Bank Reporting Discretion

Shuo Zhao

Tilburg University, Netherlands, The

Dealer-customer Relationships in OTC Markets

Markus Bak-Hansen

HEC Paris, France

Investment, Uncertainty, and U-Shaped Return Volatilities

Kevin Schneider

Cambridge Judge Business School, United Kingdom

Tail risk and asset prices in the short-term

Caio Almeida¹, Gustavo Freire², Rene Garcia³, Rodrigo Hizmeri⁴

1: Princeton University, United States; 2: Erasmus University Rotterdam, Netherlands; 3: Universite de Montreal, Canada; 4: University of Liverpool, United Kingdom

A Financial Contracting-Based Capital Asset Pricing Model

Roberto Steri

University of Luxembourg, Luxembourg

Dr Jekyll and Mr Hyde: Feedback and welfare when hedgers can acquire information

Jacques Olivier

HEC Paris, France

Disclosing and Cooling-Off: An Analysis of Insider Trading Rules

Jun Deng¹, Huifeng Pan¹, Hongjun Yan², Liyan Yang³

1: University of International Business and Economics, China; 2: DePaul University; 3: University of Toronto

Market Power in the Securities Lending Market

Shuaiyu Chen³, Ron Kaniel², Christian Opp¹

1: University of Rochester & NBER; 2: University of Rochester; 3: Purdue University

The Financial Premium

Jens Dick-Nielsen, Peter Feldhütter, David Lando

Copenhagen Business School, Denmark

Asset Demand of U.S. Households

Xavier Gabaix², Ralph Koijen¹, Federico Mainardi¹, Sangmin Oh¹, Motohiro Yogo³

1: Chicago Booth, United States of America; 2: Harvard University; 3: Princeton University

Valuing Financial Data

Maryam Farboodi¹, Dhruv Singal², Laura Veldkamp², Venky Venkateswaran³

1: MIT; 2: Columbia Business School; 3: NYU, Stern

Wealth Dynamics and Financial Market Power

Daniel Neuhann, Michael Sockin

University of Texas - Austin, United States of America

Media Narratives and Price Informativeness

Chukwuma Dim², Francesco Sangiorgi¹, Grigory Vilkov¹

1: Frankfurt School of Finance and Management gGmbH, Germany; 2: George Washington University

Defunding Controversial Industries: Can Targeted Credit Rationing Choke Firms?

Kunal Sachdeva¹, Andre Silva², Pablo Slutzky³, Billy Xu⁴

1: Rice University; 2: Federal Reserve Board; 3: University of Maryland; 4: University of Rochester

Non-bank liquidity provision to firms: Fund runs and central bank interventions

Johannes Breckenfelder, Glenn Schepens

European Central Bank, Germany

Liquidity Provision and Co-insurance in Bank Syndicates

Kevin Kiernan², Vladimir Yankov¹, Filip Zikes¹

1: Federal Reserve Board, United States of America; 2: Fannie Mae

Disparities in Financial Literacy, Pension Planning, and Saving Behavior

Tabea Bucher-Koenen¹, Andreas Hackethal², Johannes Kasinger², Christina Laudenbach²

1: ZEW-Leibniz Center for European Ecnomic Research, Germany; 2: Goethe University Frankfurt

Business Education and Portfolio Returns

Adam Altmejd², Thomas Jansson³, Yigitcan Karabulut^1,4

1: Frankfurt School of Finance and Management, Germany; 2: SOFI, Stockholm University and Stockholm School of Economics; 3: Sveriges Riksbank; 4: CEPR

The Banker in Your Social Network

Samuli Knüpfer¹, Elias Rantapuska², Theresa Spickers³

1: Aalto University School of Business, BI Norwegian Business School, and IFN; 2: Aalto University School of Business; 3: University of Amsterdam

“Glossy Green” Banks: The Disconnect Between European Banks’ Sustainability Reporting and Lending Activities

Mariassunta Giannetti¹, Martina Jasova², Maria Loumioti³, Caterina Mendicino⁴

1: Stockholm School of Economics; 2: Barnard College, Columbia University; 3: The University of Texas at Dallas; 4: European Central Bank

Credit supply and green investments

Emilia Garcia-Appendini¹, Antonio Accetturo², Michele Cascarano², Giorgia Barboni³, Marco Tomasi⁴

1: Norges Bank, Norway; 2: Bank of Italy; 3: Warwick Business School; 4: University of Trento

Value-Driven Bankers and the Granting of Credit to Green Firms

Di Bu², Matti Keloharju^3,4,5, Yin Liao², Steven Ongena^1,6,7,8,4

1: University of Zurich, Switzerland; 2: Macquarie University, Australia; 3: Aalto University School of Business, Finland; 4: CEPR, UK; 5: IFN, Finland; 6: Swiss Finance Institute, Switzerland; 7: KU Leuven, Belgium; 8: NTNU Business School, Norway

Bank Competition and Entrepreneurial Gaps: Evidence from Bank Deregulation

Xiang Li

Boston College, United States of America

Rationalizing Entrepreneurs’ Forecasts

Nicholas Bloom, Mihai Codreanu, Robert Fletcher

Stanford University, United States of America

How Venture Capitalists and Startups Bet on Each Other: Evidence From an Experimental System

Mehran Ebrahimian, Ye Zhang

Stockholm School of Economics, Sweden

Externalities of Responsible Investments

Alessio Piccolo¹, Jan Schneemeier¹, Michele Bisceglia²

1: Indiana University, Kelley School of Business, United States of America; 2: Toulouse School of Economics

Making sure your vote does not count: ESG activism and insincere proxy voting

Dunhong JIN¹, Thomas Noe²

1: University of Hong Kong, Hong Kong S.A.R. (China); 2: University of Oxford, Said Business School

Socially Responsible Divestment

Alex Edmans¹, Doron Levit², Jan Schneemeier³

1: London Business School; 2: University of Washington; 3: Indiana University

Corporate Taxation and Carbon Emissions

Thorsten Martin, Luigi Iovino, Julien Sauvagnat

Bocconi University, Italy

Does Climate Change Adaptation Matter? Evidence from the City on the Water

Matteo Benetton¹, Simone Emiliozzi², Elisa Guglielminetti², Michele Loberto², Alessandro Mistretta²

1: University of California at Berkeley, United States of America; 2: Bank of Italy

Dirty Air and Clean Investments: The impact of pollution information on ESG investment

Raymond Fisman¹, Pulak Ghosh², Arkodipta Sarkar³, Jian Zhang⁴

1: Boston University; 2: Indian Institute of Management, Bangalore; 3: National University of Singapore; 4: University of Hong Kong, Hong Kong S.A.R. (China)