The significance of uncertainty in policies related to economic decisions is higher than ever
before in today's interconnected world. This study contributes to existing research by …

The rational expectations hypothesis is a bedrock of modern macroeconomics. It is often
combined with a strong, complementary hypothesis that all data about the state of the …

We develop a method that identifies the attention paid by earnings call participants to firms'
climate change exposures. The method adapts a machine learning keyword discovery …

Carbon allowance is a market mechanism that is used to deal with climate change in the
scientific community, and is gradually regarded as a financial asset. Uncertainty plays a vital …

Given the imperativeness of degenerated environmental quality, it is crucial to probe the
impact factors of carbon dioxide emission (CE). Hence, this empirical outlet explores …

This paper studies the effects of unexpected changes in trade policy uncertainty (TPU) on
the US economy. Three measures of TPU are constructed using newspaper coverage, firms' …

We present a news-based measure of adverse geopolitical events and associated risks. The
geopolitical risk (GPR) index spikes around the two world wars, at the beginning of the …

We study the role of financial frictions and firm heterogeneity in determining the investment
channel of monetary policy. Empirically, we find that firms with low default risk—those with …

We adapt simple tools from computational linguistics to construct a new measure of political
risk faced by individual US firms: the share of their quarterly earnings conference calls that …

Political and regulatory uncertainty is strongly negatively associated with merger and
acquisition activity at the macro and firm levels. The strongest effects are for uncertainty …