between risk and uncertainty is implemented by applying the Gilboa-Schmeidler maxmin with multiple priors framework to lenders …, ultimate lenders and financial intermediaries. The model is used to investigate the impact of uncertainty about the likelihood … include: (i) An unanticipated increase in bailout uncertainty raises interest rates, the volume of defaults in both the real …

their growth. Economic theory suggests uncertainty can cause firms to delay investments until uncertainty is resolved. We …Firms in many developing countries cite macroeconomic instability and political uncertainty as major constraints to … macroeconomic and political uncertainty. Demand for macroeconomic shock insurance was high; 36.7 percent of microentrepreneurs in …

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 …

theaters and trades, why they run, what determines the risk, whether to return to the theater or trade when the dust settles …, and how much to pay for assets (or tickets) in light of this risk. These theoretical considerations shed light on the …

increasing, or conversely its willingness to provide term lending is decreasing, in its rollover risk over the term of the loan …

This article presents an application of extreme value theory to compute the value at risk of a market position. In … maximum) over a given time-period. Extreme value theory gives some interesting results about the distribution of extreme … extreme value theory is used to compute the VaR of a fully-aggregated position while multivariate extreme value theory is used …

-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 …