&P 500 index are informative events that trigger a reassessment of the risk of newly added firms by drawing the broad market …

settings where prices of risk vary with observed state variables. We identify conditions under which four-stage regression … time-varying prices of risk are pervasive, thus favoring dynamic cross-sectional asset pricing models over standard …

conundrum period from mid-2004 to mid-2006, and the period since the onset of the global financial crisis in 2008. …

the level of policy rates at the time of the news release, and risk conditions: Government bond yields increase in … response to "good news," but less so when risk is elevated. Risk conditions matter since they can capture the effects of … objectives of central banks, and the effect of news announcements on the risk premium. …

Banks play a critical role in facilitating international trade, in particular by reducing the risk of trade …-shaped in country credit risk and increase with the time to import of a destination market. The extent to which trading partners … use bank guarantees also varies systematically with global conditions, expanding when aggregate risk is higher and funding …