This paper examines some of the investment implications of what is called the "great transformation" by which renewable sources of energy replace the current reliance on carbon-based fuels. To set the stage, the paper begins by presenting detailed data on past, current and forecast future energy...

In any context where a discounted cash flow valuation is required, there is the issue of estimating the continuing value. The most common way to do that is to assume that by the terminal horizon the company is in a steady state and is growing at a constant rate. The issue is how to handle...

(E)nvironment, (S)ocial and (G)overance issues are typically analyzed in the context of the United States. This is a limited perspective. All societies face similar questions with respect to the environment and social relations. In this paper, we widen the perspective by comparing ESG in China...

Real-estate price shocks did not positively associate with corporate investment from 1992 to 2008, as suggested by Chaney, Sraer, and Thesmar (2012). Most of their coefficients explain changes in their firm-scale normalization (PP&E), not changes in their variables of interest (real-estate and...

Chaney, Sraer, and Thesmar (2012) suggests that “shocks to the value of real estate [collateral] can have a large impact on aggregate [corporate] investment.” My comment shows that their reported coefficient estimates are spurious. They explain variation in their normalizing denominators...