Research

Dissertation

PhD in Public Policy (Economics), Sanford School of Public Policy, Duke University.

• Chapter 1
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• Chapter 2
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• Chapter 3
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Working paper

• Sustainable finance
  Environmental Policy Uncertainty and Sustainable Investing
  MSc thesis, Department of Economics, Tufts University·May 2023·Advisor: Alan Finkelstein Shapiro
  Abstract

  Uncertainty regarding the implementation of environmental policies is a significant regulatory risk for investors and firms. Employing a monthly panel fixed-effects model (2010–2019) for firms in the Russell 3000 Index, I estimate that a rise in US environmental policy uncertainty is associated with higher stock price volatility and lower stock returns for firms in sectors more exposed to environmental risks, such as oil & gas and metals & mining. Vector autoregression results confirm similar adverse effects of environmental policy uncertainty on energy-sector exchange-traded funds, and these uncertainty shocks spill over into other key sustainable markets. However, while environmental policy uncertainty matters for the financial market outcomes of firms exposed to ESG risks, macroeconomic policy uncertainty matters more, which points to insufficient pricing of ESG risk in financial markets.

  PDFTufts Digital Library