implied correlation based on portfolio downside risk measures that does not suffer from this bias. These unbiased quantile … correlation estimates are directly applicable to portfolio optimization and to risk management techniques in general. This simple …A number of studies have provided evidence of increased correlation in global financial market returns during bear …

Testing the hypothesis that international equity market correlation increases in volatile times is a difficult exercise … and misleading results have often been reported in the past because of a spurious relationship between correlation and … volatility. This paper focuses on extreme correlation, that is to say the correlation between returns in either the negative or …

derive empirical predictions for the direction of correlation and for whether governance is stronger or weaker with multiple …

consensus. Our model deepens the discussion of economic risk and political risk in fiscal federalism, and highlights the related …

, agents bargain over which one to implement. A consensus requirement can (but need not) induce the efficient balance between …

political uncertainty commands a risk premium whose magnitude is larger in poorer economic conditions. Political uncertainty …