We explore the design of climate stress tests to assess and manage macroprudential risks
from climate change in the financial sector. We review the climate stress scenarios currently …

We explore the effects of physical and regulatory risks related to biodiversity loss on
economic activity and asset values. We first develop a news-based measure of aggregate …

We exploit regional variations in exposure to heat stress to study if physical climate risk is
priced in municipal and corporate bonds as well as in equity markets. We find consistent …

There is growing evidence that physical climate hazards—such as floods and wildfires—
affect property prices. Climate change scenarios suggest more frequent and severe physical …

This paper shows that natural capital loss affects financial markets and municipalities'
borrowing costs. Using exogenous geographic variation in wetland changes, I find that …

Insurance companies can be exposed to climate-related physical risk through their
operations and to transition risk through their $12 trillion of financial asset holdings. We …

The global water cycle has experienced significant changes due to the interplay of climate
shifts and human activities, resulting in more frequent and severe droughts and floods …

Hurricanes are among the costliest natural disasters in the world, with a significant portion of
their impact linked to the accuracy of their forecasts. In this paper, we estimate the economic …

State and local governments are attractive cybercrime targets because of inadequate
cybersecurity and ample access to sensitive information. We show that external data …

We provide new evidence that the bankruptcy filing of a locally headquartered and publicly-
listed manufacturing firm imposes externalities on the local governments. Compared to …