We find robust empirical evidence that firms in locations with higher exposure to climate
change pay significantly higher spreads on their bank loans. To alleviate the concerns …

While the outbreak of the COVID-19 disease has caused asset markets to experience an
unprecedented spike of risk and uncertainty worldwide, the real estate market in many …

We survey the properties of commercial real estate (CRE) as an asset class. We first
illustrate its importance relative to the US economy and to other asset classes. We then …

A key question is why many multinational firms forgo foreign exchange derivative (FX)
hedging and instead use operational hedging. We propose an explanation based on …

We document lead-lag effects on returns between coheadquartered firms in different sectors.
Geographic lead-lags yield risk-adjusted returns of 5%–6% annually, half that observed for …

We show that labor market frictions are first-order for understanding credit markets. Wage
growth and labor share forecast aggregate credit spreads and debt growth as well as or …

This paper studies the asset pricing implications of a firm's opportunities to replace routine‐
task labor with automation. I develop a model in which firms optimally undertake such …

Using data from 41 countries, we provide novel empirical evidence that firms' cash holdings
are positively associated with their climate change exposure. This evidence is robust to …

This paper studies the pricing of the risk associated with the location of the assets. The local
real estate market risk is measured by 'local beta', which combines the systematic risk of …

Using panel data of 1080 multinational corporations (MNCs) from the United States, we
examine the effects of environmental sustainability practices on the degree of firms' …