Michael Ghisletti

Michael Ghisletti
Current Position

since 9/19

Economist in the Department of Financial Markets

Halle Institute for Economic Research (IWH) – Member of the Leibniz Association

Research Interests

  • macroeconomics
  • macrofinance
  • data science

Michael Ghisletti joined the Department of Financial Markets as a doctoral student in September 2019. His research focuses on macroeconomics, macrofinance, and their interactions with data science.

Michael Ghisletti received his bachelor's degree from University of Milano-Bicocca and his master's degree from University of Milano.

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Michael Ghisletti
Michael Ghisletti
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Tornado Activity, House Price and Stock Returns

Michael Donadelli Michael Ghisletti Marcus Jüppner Antonio Paradiso

in: The North American Journal of Economics and Finance, April 2020


In this paper we investigate the effects of tornado activity on house prices and stock returns in the US. First, using geo-referenced and metropolitan statistical area (MSA)-level data, we find tornado activity to be responsible for a significant drop in house prices. Spillover tornado effects between adjacent MSAs are also detected. Furthermore, our granular analysis provides evidence of tornadoes having a negative impact on stock returns. However, only two sectors seem to contribute to such a negative effect (i.e., consumer discretionary and telecommunications). In a macro-analysis, which relies on aggregate data for the South, West, Midwest and Northeast US regions, we then show that tornado activity generates a significant drop in house prices only in the South and Midwest. In these regions, tornadoes are also responsible for a drop in income. Tornado activity is finally found to positively (negatively) affect stock returns in the Midwest (South). If different sectors are examined, a more heterogeneous picture emerges.

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