Novdeep Smag

I study how macroeconomic shocks, such as inflation and energy price movements, and climate-related risks are incorporated into global asset prices and risk premia. In particular, I examine how the pricing of these risks varies across countries and over time using conditional asset-pricing models with time-varying risk premia and partial market segmentation.

Empirical Asset Pricing, International Finance, and Climate Finance

Smag N. (2025). Greenium and Energy Risk. Job Market Paper.
Chaieb I., Errunza V., & Smag N. (2025). How is Inflation Priced in Global Markets? Working Paper.

I study how macroeconomic shocks, such as inflation and energy price movements, and climate-related risks are incorporated into global asset prices and risk premia. In particular, I examine how the pricing of these risks varies across countries and over time using conditional asset-pricing models with time-varying risk premia and partial market segmentation