Résultats de recherche pour « Economic policy uncertainty »

ABSTRACT We investigate the quantile effects of climate policy uncertainty (CPU) on real estate investment trusts (REITs) returns in the United States. We use the quantile autoregressive distributed lags (QARDL) method on the monthly economic policy uncertainty (EPU), the market volatility index (VIX) and interest rates (INT) from March 2006 to April 2023. The results show that the impact coefficients of CPU, EPU and interest rates on REIT returns are significant in the short and long term. In addition, CPU demonstrates unidirectional causality with REIT returns across all quantiles, whereas REITs only show unidirectional causality with CPU in lower quantiles. Furthermore, EPU and interest rates show bidirectional causality with REIT returns across most quantiles. Policymakers and REIT investors can utilise the relationships and causality between REITs and CPU to update REIT investments, hedge against CPU and REIT stocks, construct a diversified portfolio and make informed decisions about the price movements of REITs in climate crises.

This paper examines how firms’ patent renewal decisions vary with economic policy uncertainty. U.S. maintenance rules require owners to decide whether to retain protection at dates determined by the original grant. The analysis covers more than five million resolved renewal decisions over 1986–2023 and uses a newspaper-based index measured before payment windows open. Within the same owner and month, a one-standard-deviation increase in uncertainty is associated with final-stage renewal 0.459 percentage points lower relative to first-stage renewal. The uncertainty–renewal relationship is more negative at higher statutory costs, and the final-versus-first response is less negative for owners with investment-grade ratings measured before the uncertainty period and higher for linked patents with stronger portfolio connections. The final-versus-first-stage difference remains after accounting for measured owner prospects and, separately, other aggregate conditions. The findings identify the retention of existing patents as a form of corporate adjustment under uncertainty.