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Risk Sharing and Industrial Specialization: Regional and International Evidence
fi nancial integration regional specialization
2015/9/21
We investigate the empirical relation between risk sharing and specialization in production. We find that there is more risk sharing among regions within countries than among
countries and that...
The Administration’s plan for financial regulatory reform would grant the Federal
Reserve significant new powers—more powers than ever before in American history. The
Federal Reserve would have the ...
The ongoing financial crisis has given a new urgency to this question. Government
officials are now proposing legislation to expand significantly the role of government in the
financial sector and b...
A Comparison of Government Regulation of Risk in the Financial Services and Nuclear Power Industries
Financial Ser vices Nuclear Power Industries
2015/8/3
An important issue in addressing the adequacy of regulation and
supervision is the problem of regulatory capture, or the tendency for
regulated fi rms and their government regulators to develop mutu...
Research on Enterprise Expansion Risk Early-warningBased on Financial Prosperity Monitoring
Financial Prosperity Monitoring Enterprise Expansion
2015/5/26
There exists objective and inherent logical relationship between financial prosperity and enterprise expansion risk. This paper divides financial prosperity monitoring indicators into leading indicato...
Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly
Risk and Uncertainty Cost of Capital Capital Markets Banks and Banking Banking Industry United States
2015/4/28
Minimum capital requirements are a central tool of banking regulation. Setting them balances a number of factors, including any effects on the cost of capital and in turn the rates available to borrow...
New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability
Financial Crisis Macroeconomics Central Banking Risk Management
2015/4/20
This paper proposes a new approach to improve the way central banks can analyze and manage the financial risks of a national economy. It is based on the modern theory and practice of contingent claims...
Yesterday's Heroes: Compensation and Risk at Financial Firms
financial crisis executive compensation
2014/3/18
Many believe that compensation, misaligned from shareholder value due to managerial entrenchment, caused some financial firms to take creative risks before the Financial Crisis of 2008. We argue inste...
Discussion of "Financial Crises and Risk Premia"。
Risk-Taking Channel of Monetary Policy: A Global Game Approach
Monetary Policy Game Approach
2014/3/18
We explore a global game model of the impact of monetary policy shocks. Risk-neutral
asset managers interact with risk-averse households in a market with a risky bond and a
floating rate money...
The availability of credit varies over the business cycle through shifts in the
leverage of financial intermediaries. Empirically, we find that intermediary leverage is negatively aligned...
Financial Numeracy, Net Worth, and Financial Management Skills: Client Characteristics That Differ Based on Financial Risk Tolerance
financial risk tolerance Financial Numeracy Financial Management Skills
2011/8/20
Financial advisors commonly observe important differences among current and prospective clients in terms of financial numeracy, net worth, and financial management skills. This study shows that these ...
We present an extension of the Johansen-Ledoit-Sornette (JLS) model to include
an additional pricing factor called the “Zipf factor”, which describes the diversification
risk of the stock market por...
Endogenous Bubbles in Derivatives Markets: The Risk Neutral Valuation Paradox
Risk neutral martingale derivatives efficient market bubble
2011/7/4
This paper highlights the role of risk neutral investors in generating endogenous bubbles
in derivatives markets.We propose the following theorem. A market for derivatives, which has all the
feature...
Utility Maximization, Risk Aversion, and Stochastic Dominance
Utility maximization, risk aversion, stochastic dominance
2011/7/22
Consider an investor trading dynamically to maximize expected utility from terminal wealth. Our aim is to study the dependence between her risk aversion and the distribution of the optimal terminal pa...