political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we … distinguish different types of political risk, such as expropriation, corruption and confiscatory taxation. In our theoretical … analysis we find that, as political risk increases, the ownership share always decreases, whereas leverage can both increase or …

withdrawal of employers and external insurers as risk bearers of systematic financial and longevity risks. Partly because of … pension: the Personal Pension with Risk sharing (PPR). By unbundling and valuing the investment, (dis)saving, insurance and … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of …

This paper evaluates models with idiosyncratic consumption risk using Hansen and Jagannathan’s (1991) volatility bounds …. It is shown that idiosyncratic risk does not change the volatility bounds at all when consumers have constant relative … risk aversion (CRRA) preferences and the distribution of the idiosyncratic shock is independent of the aggregate state …

. The constant relative risk aversion (CRRA) model and several extensions (habit persistence, recursive utility and …

which the objectives of managers and entrepreneurs in choosing the risk composition of their firms' returns are not aligned … managers and entrepreneurs to unhedgeable firm-specific risk, induces them to change the stochastic properties of firm cash … flows. Since they can trade in markets for aggregate risk but not for firm-specific risk, managers and entrepreneurs produce …

-sectional differences in the risk premia as compensation for systematic risk. Instead, country-specific attributes seem to be important in … characterizing the cross-sectional dispersion in the risk premia. …

(CSR) activities. We model CSR activities as an investment in customer loyalty and show that CSR decreases systematic risk …