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Three Essays on Financial Economics.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Three Essays on Financial Economics./
作者:	Maingi, Quinn.
面頁冊數:	1 online resource (211 pages)
附註:	Source: Dissertations Abstracts International, Volume: 85-11, Section: B.
Contained By:	Dissertations Abstracts International85-11B.
標題:	Climate change. -
電子資源:	click for full text (PQDT)
ISBN:	9798382494876

Three Essays on Financial Economics.
Maingi, Quinn.

Three Essays on Financial Economics. - 1 online resource (211 pages)

Source: Dissertations Abstracts International, Volume: 85-11, Section: B.

Thesis (Ph.D.)--New York University, 2024.

Includes bibliographical references

In chapter 1, called "Regional Banks, Aggregate Effects," I incorporate banks' spatial lending networks into a quantitative spatial general equilibrium model. I apply my estimated model to the 2023 regional bank panic. Using a model-implied measure of banks' marginal lending opportunities, combined with data on actual, bank-specific deposit flows, I show that deposits flowed out of regional banks with poor lending opportunities and into regional banks with good lending opportunities. Using the full model, I quantify the impact of the deposit reallocation between regional banks on aggregate real output. I find that the effect of this reallocation is positive, softening the adverse effects on output from all of the remaining deposit flows combined.In chapter 2, called "Propagation and amplification of local productivity spillovers," Xavier Giroud, Simone Lenzu, Holger Mueller and I show that plant openings raise the productivity of distant plants that belong to large multi-plant, multi-region firms that are exposed through one of their plants. We estimate a quantitative spatial model in which plants of multi-region firms are linked through shared knowledge. Counterfactual exercises show that while large industrial plant openings have a greater local impact in less developed regions, the aggregate gains are greatest when the plants locate in well-developed regions.In chapter 3, called "A quantity-based approach to constructing climate risk hedge portfolios," Georgij Alekseev, Stefano Giglio, Julia Selgrad, Johannes Stroebel and I propose a new methodology to build portfolios that hedge the risks of climate change. Our approach exploits mutual fund managers' trading responses to idiosyncratic climate belief shocks. We use funds' observed portfolio changes around idiosyncratic belief shocks to predict how investors will reallocate their capital in response to aggregate climate news shocks that shift the beliefs and asset demands of many investors and thus move equilibrium prices. We show that a portfolio that is long stocks that investors tend to buy after experiencing negative idiosyncratic climate belief shocks, and short stocks that investors tend to sell, appreciates in value in periods with negative aggregate climate news shocks. Our quantity-based portfolios have superior out-of-sample hedge performance compared to portfolios constructed using existing alternative methods.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798382494876Subjects--Topical Terms:

1009004
Climate change.
Subjects--Index Terms:

Financial economicsIndex Terms--Genre/Form:

554714
Electronic books.

Three Essays on Financial Economics.
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