Under conditions of risk it makes a difference whether the discount rate is determined as an expected present or as an …

We present a network model of the interbank market in which optimizing risk averse banks lend to each other and invest … contribution of systemic risk by means of Shapley values. Within this framework we analyze the effects of prudential policies on … the stability/efficiency trade-off. Liquidity requirements unequivocally decrease systemic risk but at the cost of lower …

(biased) risk-return expectations are predictive for investment in socially responsible mutual funds without tax benefits. Our …

with previous studies, no significant differences in performance and risk are found between female and male managed funds … funds’ exposure to known risk factors. Employing a quantile regression approach reveals that fund performance is highly …

increasing term structure for the risk premium. It also implies that, under the assumption that the cumulants of the distribution … investment is larger than half of relative risk aversion. Another important consequence of parametric uncertainty is that the … risk premium is not proportional to the beta of the investment. We apply these general results to the case of an uncertain …

) tightness of monetary policy to examine its influence on equity and money market flows. In line with a powerful risk …

rate of interest on liquid wealth: (i) mortgage debt, by amplifying risk aversion, diminishes the likelihood that …