Tuomas Tomunen

Boston College
Carroll School of Management

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Do Firms Mitigate Climate Impact on Employment? Evidence from US Heat Shocks
December 2023 - Working Paper31967
Author(s) - Viral V. Acharya, Abhishek Bhardwaj & Tuomas Tomunen
Using establishment-level data, we show that firms operating in multiple counties in the United States respond to heat-related damages by reallocating employment from affected to unaffected locations. This reallocation is also observed as an increase in job postings in unaffected locations, and at...
Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress
September 2022 - Working Paper30445
Author(s) - Viral V. Acharya, Timothy Johnson, Suresh Sundaresan & Tuomas Tomunen
We exploit regional variations in exposure to heat stress to study if physical climate risk is priced in municipal bond, corporate bond and equity markets. We find consistent evidence across asset classes that local exposure to heat stress is associated with higher yield spreads for bonds and higher...
Taking the Cochrane-Piazzesi Term Structure Model Out of Sample: More Data, Additional Currencies, and FX Implications
October 2018 - Working Paper25092
Author(s) - Robert J. Hodrick & Tuomas Tomunen
We examine the Cochrane and Piazzesi (2005, 2008) model in several out-of-sample analyzes. The model's one-factor forecasting structure characterizes the term structures of additional currencies in samples ending in 2003. In post-2003 data one-factor structures again characterize each currency's...
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