Nora M.C. Pankratz


I'm an economist in the Division of Financial Stability at the Federal Reserve Board. Prior to joining the Board, I was a postdoc at UCLA and received a Ph.D. in Finance from Maastricht University. 

In July 2024, I will join the University of Toronto as an Assistant Professor of Finance.

I am interested in how firms and investors respond to changing environments. In this context, my research studies corporate finance, investments, and financial markets in the face of climate change. To draw causal inference, my work relies on quasi-experimental variation and leverages large public and administrative data sets.

Disclaimer: All views expressed on this site are mine and do not necessarily reflect the views of the Federal Reserve System. 

Publications

Climate Change and Adaptation in Global Supply-Chain Networks with Christoph Schiller
Review of Financial Studies (2023)

Climate Change, Firm Performance, and Investor Surprises [first author] with Rob Bauer and Jeroen Derwall
Management Science (2023)

Grants & Media Coverage

My research was awarded with grants by the French Social Investment Forum, the Principles for Responsible Investment, and IZA.
Joint work with Jisung Park and Patrick Behrer has been covered by the New York Times, LA Times, and the Guardian.

Working Papers and Work in Progress

Temperature, Workplace Safety, and Labor Market Inequality with Jisung Park, Patrick Behrer, and Paul Stainier
IZA Working Paper (2021)

Firm-Level Climate Adaptation Policy with Jisung Park and Patrick Behrer
Available upon request.

Teaching Experience

Instructor:

Corporate Finance and Investments (Maastricht, B.Sc. Econometrics, Fiscal & International Business Economics)
Ethics, Organizations and Society (Maastricht, B.Sc. International Business & International Business Economics)
Institutional Investors (Maastricht, M.Sc. Financial Economics, Strategic Corporate Finance & Sustainable Finance)

Guest Lectures:
Yale School of the Environment | Fall 2022
Cornell Dyson: Corporate Sustainability | Fall 2021
Cornell Dyson: CEMS Block Seminar | Summer 2021
UCLA Anderson: Climate Change Law and Finance | Fall 2020
UCLA Luskin: Graduate Seminar on Environmental Economics and Policy | Spring 2021
UCLA Luskin: Microeconomics, Market Failures, Inequality | Winter 2020
UCLA Anderson: Climate Change Law and Finance | Winter 2020