Michael Ghisletti

Michael Ghisletti
Aktuelle Position

seit 9/19

Wissenschaftlicher Mitarbeiter der Abteilung Finanzmärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)


  • Makroökonomik
  • Macro-Finance
  • Data Science

Michael Ghisletti ist seit September 2019 Doktorand in der Abteilung Finanzmärkte. Er forscht zu den Themen Makroökonomik, Makrofinanzwesen sowie deren Interaktion mit Data Science.

Michael Ghisletti studierte an der University of Milano-Bicocca und der University of Milano.

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

Michael Donadelli Michael Ghisletti Marcus Jüppner Antonio Paradiso

in: 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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