This paper explores implications of climate change for fiscal policy by assessing the impact of large scale extreme weather events on changes in public budgets. We apply alternative measures for large scale extreme weather events and conclude that the budgetary impact of such events ranges...

This paper explores implications of climate change for fiscal policy by assessing theimpact of large scale extreme weather events on changes in public budgets. We applyalternative measures for large scale extreme weather events and conclude that thebudgetary impact of such events ranges between...

This paper explores some implications of climate change for fiscal policies by assessing the impact of extreme weather events on public budgets. It presents selected case studies on the basis of available data for extreme weather events in the EU and the US that have occurred since 1990. We...

This paper explores implications of climate change for fiscal policy by assessing the impact of large scale extreme weather events on changes in public budgets. We apply alternative measures for large scale extreme weather events and conclude that the budgetary impact of such events ranges...

Hurricanes give rise to flight-to-safety episodes during which High Tech stocks consistently behave differently from stocks in other industries. We isolate a safety premium of 3.75\% which peaks at 16% annualized for periods of 20 days after landfall. The safety premium is greater than the short...

Using an event study approach at the stock level, we examine the effect of North Atlantic hurricanes on U.S. stock returns over the period January 1990 to December 2014. We document a substantial economic impact of hurricanes on the aggregate market: an accumulated loss of 0.522% (6.264%...

Hurricanes represent exogenous shocks with consequences for the real economy similar to those commonly-considered as consumption disasters. We investigate how the abnormal effects due to landfall hurricanes on stock returns, illiquidity and tail risk vary across decile portfolios of stocks...

We document strong abnormal effects due to U.S. landfall hurricanes over the period 1990 to 2017 on stock returns and illiquidity across portfolios of stocks sorted by market equity (ME), book-to-market equity ratio (BE/ME), momentum, return-on-equity (ROE), and investment-to-assets (I/A). ROE-...