This paper provides empirical evidence that campaign contributions arestrongly associated with market expectations of future firm-specific political favors,including preferential access to external financing. Using a novel dataset, we find thatfirms in Brazil providing contributions in the 1998...

This paper presents the findings of a survey among 18 central banks from Asia and the Pacific regarding their views on and policies regarding sustainable finance. It also reviews recent developments in selected Asia and Pacific countries concerning sustainable finance to illustrate the actions...

This paper studies dynamic information acquisition in financial markets with information asymmetry. It first shows that multiplicity can arise in the information market due to a dynamic complementarity in information acquisition. It then characterizes interactions between information...

Insurance companies can be exposed to climate-related physical risk through their operations and to transition risk through their $12 trillion of financial asset holdings. We assess the climate risk exposure of property and casualty (P&C) and life insurance companies in the U.S. We construct a...

Placing the Asian economies onto a sustainable development pathway requires an unprecedented shift in investment away from greenhouse gas, fossil fuel and natural resource intensive industries towards more resource efficient technologies and business models. The financial sector will have to...

Finance is a vital ingredient for economic growth, but there can also be too much of it. This study investigates what fifty years of data for OECD countries have to say about the role of the financial sector for economic growth and income inequality and draws policy implications. Over the past...

This paper presents the findings of a survey among 18 central banks from Asia and the Pacific regarding their views on and policies regarding sustainable finance. It also reviews recent developments in selected Asia and Pacific countries concerning sustainable finance to illustrate the actions...

Placing the Asian economies onto a sustainable development pathway requires an unprecedented shift in investment away from greenhouse gas, fossil fuel and natural resource intensive industries towards more resource efficient technologies and business models. The financial sector will have to...

This paper shows that finance has been a key ingredient of long-term economic growth in OECD and G20 countries over the past half-century, but that there can be too much finance. The evidence indicates that at current levels of household and business credit further expansion slows rather than...

Is shareholder interest in corporate social responsibility driven by pecuniary motives (abnormal rates of return) or non-pecuniary ones (willingness to sacrifice returns to address various firm externalities)? To answer this question, we categorize the literature into seven tests: (1) costs of...