one with a relatively large risk aversion, small participation cost and a yearly large loss probability of around 1 …

-performance relationship by manipulating her risk exposure. In a dynamic portfolio choice framework, we show that as the year-end approaches … risky asset despite its positive risk premium. Under multiple sources of risk, with both systematic and idiosyncratic risks … present, we show that optimal managerial risk shifting may not necessarily involve taking on any idiosyncratic risk. Costs of …

-performance relationship by manipulating her risk exposure. In a dynamic portfolio choice framework, we show that the ensuing convexities in … the manager's objective give rise to a finite risk-shifting range over which she gambles to finish ahead of her benchmark …. Such gambling entails either an increase or a decrease in the volatility of the manager's portfolio, depending on her risk …

parameters, impatience and risk aversion. The estimated model predicts some of the observed changes of the net-worth distribution …

poverty trap, the size of the cohort at risk, and migrant stock dynamics. It then projects the life cycle up to 2024. The …

industry life cycle. The theory of knowledge spillovers, based on the knowledge production function for innovative activity …

risk aversion, we find that consumer behaviour changes strikingly over the life-cycle. Young consumers behave as buffer …

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 …