Counterproductive Sustainable Investing: The Impact Elasticity of Brown and Green Firms

The core of this argument is that the American Founding set the United States on a unique path that made it one of the richest and freest places in the world. Yet, this causal connection requires a leap of faith. Few have attempted to conjure a counterfactual in which America remained a British colony or…

ECB publishes indicative operational calendars for 2027

Yesterday, oil prices surged to $100, and it wasn’t even the biggest news as President Trump announced a new wave of global tariffs. Hormuz is effectively shut, the oil isn’t getting through, but it is now more than just Hormuz being closed. It is about shrinking inventories, oil stuck in the ground, a growing number…

Moonshot AI’s new open model is catching up to Anthropic and OpenAI, raising questions about the future of the AI race.

Prospective merger simulations are a commonly used tool in industrial organization and antitrust, but evidence about their accuracy and predictive ability is limited. We study 101 mergers in consumer packaged goods and compare the realizations of price changes with predictions from merger simulations. In our sample of consummated mergers, predicted price changes from merger simulations…

Last summer, Congress enacted H.R. 1, better known as the One Big Beautiful Bill Act, which put new limits on graduate and professional student lending. One part of that bill eliminated the Grad PLUS regime, under which students could borrow up to the full cost of attendance. It was a policy that put many students…