Annual Conference

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Sustainable and Green Finance

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May 2024

We study the environmental sustainability of individuals’ consumption choices using unique data from a FinTech App that tracks users’ spending and emissions at the transaction level. Using a randomized encouragement design, we show that individuals are likely to purchase carbon calculator servic...
Keywords: FinTech, Climate Change, Household Finance, Sustainable Behavior
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Annual Conference

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Sustainable and Green Finance

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May 2024

We explore the role of market feedback in navigating emerging corporate policies on AI/green technologies. By assembling and analyzing a comprehensive sample of corporate disclosures in which managers discuss their forward-looking investment plans on AI/green technologies, we find that firms adjust ...
Keywords: Emerging Technologies, Artificial Intelligence, Carbon Emissions, Green Investment, Feedback, Managerial Learning
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Annual Conference

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Sustainable and Green Finance

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May 2024

We study exposure to pollution information and investment portfolio allocations, exploiting the rollout of air quality monitoring stations in India. Using a triple-differences framework, we show that retail investors' investments in ``brown'' stocks are negatively related to local air pollution afte...
Keywords: ESG, Sustainable Investing, Pollution Information
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Annual Conference

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Household Finance

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May 2024

Unlike standard insurance where an intermediary–the insurance company–collects premiums and pays reimbursements for the enrollees, mutual risk sharing directly shares losses among participants. Meaning ‘mutual aid’ in Chinese, Xiang Hu Bao (XHB) was the largest online mutual risk sharing pla...
Keywords: Mutual risk sharing, FinTech, Separating equilibrium, Advantageous selection, Sharing economy
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Annual Conference

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Household Finance

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May 2024

We examine donation behaviors from the perspective of religious beliefs. Using a transaction-level dataset from an Asian economy, we find that individuals with higher income uncertainty are more likely to donate, especially for religious donations, and after negative income uncertainty and health sh...
Keywords: donation, income uncertainty, spiritual insurance, wishful thinking, religion
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