simple risk management practice that accounts for benchmarking can ameliorate the adverse effects of managerial incentives. …-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 …

hedger, guided by the traditional minimum-variance criterion, aims at reducing the risk of a non-tradable asset or a … generalized "Greeks," familiar in risk management applications, as well as retaining the intuitive features of their static … jumps, stochastic correlation and portfolio management with benchmarking. …

profits is still not well understood. In this Paper, I define a natural benchmark auction environment to compare any private … value auction with asymmetrically distributed valuations. I show that the expected revenue from the benchmark auction always …

euro area. Using a unique data set from the electronic trading platform Euro-MTS, we consider what is the ‘benchmark’ in … this market. We develop and apply two definitions of benchmark status that differ from the conventional view that the … benchmark is the security with lowest yield at a given maturity. Using Granger-causality and cointegration methods, we find a …

therefore adopt risk management practices to account for the benchmark performance. We capture this risk management … benchmark under different economic conditions, depending on his attitude towards risk and choice of the benchmark. The analysis …Portfolio theory must address the fact that, in reality, portfolio managers are evaluated relative to a benchmark, and …

, especially, the financial cost of filing for bankruptcy. We study the effects of the reform on bankruptcy, insolvency, and …. We find that the decline in bankruptcy filings resulted in a rise in the rate and persistence of insolvency as well as an … that insolvency is associated with worse financial outcomes than bankruptcy, as insolvent individuals have less access to …

driving asset prices to ‘overshoot’ equilibrium when an asset bubble bursts - threatening widespread insolvency and what …

under limited liability should be characterized by higher than average insolvency and employment growth rates. We test these … characterized by higher growth and higher insolvency rates than comparable firms under full liability. Surprisingly, the likelihood … liquidation, while the propensity to insolvency is not affected by the owner’s age. The basic empirical results hold in pooled …