Digests

Fresh air eases work—the effect of air quality on individual investor activity
Steffen Meyer and Michaela Pagel
Review of Finance, Volume 28, Issue 3, May 2024, Pages 1105–1149, https://doi.org/10.1093/rof/rfae005

Globally, air pollution is linked to millions of premature deaths, and recent evidence suggests that it affects productivity, cognitive function, and performance in physically demanding jobs.… Read more...

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Leveraged speculators and asset prices
Wenxi Jiang
Review of Finance, Volume 28, Issue 3, May 2024, Pages 769–804, https://doi.org/10.1093/rof/rfad037

From the episode of the Long-Term Capital Management (LTCM) in 1998 to the stock market crashes in 1929 and 1987, the quant crisis in 2007, the financial crisis in 2007-2008, and the bond market turmoil in 2020, there is ample anecdotal evidence suggesting that excessive leverage used by speculators can greatly amplify market crashes. … Read more...

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The term structure of equity yields—a bottom-up approach
David Schröder
Review of Finance, Volume 28, Issue 2, March 2024, Pages 661–697, https://doi.org/10.1093/rof/rfad036

This article proposes a new perspective on the market equity yield curve. Instead of treating the equity market as one single entity, we go one level deeper and consider the equity market as what it really is — a large market of many different individual equity shares.… Read more...

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