Philipp Krueger
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View article: The Effects of Mandatory ESG Disclosure Around the World
The Effects of Mandatory ESG Disclosure Around the World Open
We compile a novel data set on mandatory environmental, social, and governance (ESG) disclosure around the world to analyze the stock liquidity effects of such disclosure mandates. We document a positive effect of ESG disclosure mandates o…
View article: Climate Risk Disclosure and Institutional Investors
Climate Risk Disclosure and Institutional Investors Open
Through a survey and analyses of observational data, we provide systematic evidence that institutional investors value and demand climate risk disclosures. The survey reveals the investors have a strong demand for climate risk disclosures,…
View article: Fiscal Multipliers: Japan and US Data for VAR Estimation
Fiscal Multipliers: Japan and US Data for VAR Estimation Open
These datasheets correspond to Krueger (2023) "Quantifying Japanese Fiscal Multipliers: A VAR Approach"
View article: Do Responsible Investors Invest Responsibly?
Do Responsible Investors Invest Responsibly? Open
We study whether institutional investors that sign the Principles for Responsible Investment (PRI), a commitment to responsible investing, exhibit better portfolio-level environmental, social, and governance (ESG) scores. Signatories outsi…
View article: How Do Investors and Firms React to a Large, Unexpected Currency Appreciation Shock?
How Do Investors and Firms React to a Large, Unexpected Currency Appreciation Shock? Open
Past research has suggested that firms can significantly reduce their exposure to moderate exchange rate fluctuations by means of pass-through and hedging. Studying the appreciation of the Swiss franc by 17% on January 15, 2015, we show th…
View article: The Importance of Climate Risks for Institutional Investors
The Importance of Climate Risks for Institutional Investors Open
According to our survey about climate risk perceptions, institutional investors believe climate risks have financial implications for their portfolio firms and that these risks, particularly regulatory risks, already have begun to material…
View article: Sticky Expectations and the Profitability Anomaly
Sticky Expectations and the Profitability Anomaly Open
We propose a theory of one of the most economically significant stock market anomalies, i.e. the ``profitability'' anomaly. In our model, investors forecast future profits using a signal and sticky belief dynamics à la Coibion and Gorodnic…