FMIs, and focuses on the dichotomy between the ‘systemic risk’ and ‘transaction costs’ approaches to financial markets and … to the EU and US regimes, we analyze the role of trading infrastructures as liquidity providers, both in the securities …

and the determination of the optimal asset allocation using discount rates that ap-propriately reflect default risk. We …

amplification of systemic risk. We caution against focusing on the accounting rule in isolation, and instead emphasize the …-based information, our results indicate that regulatory simplicity may be preferred to the complexity of risk-weighted capital ratios … that gives rise, through interactions with accounting rules, to distorted risk-taking incentives and potential build-up of …

investigate a model that incorporates three sources of risk: asset risk and salary (or labour-income) risk in the accumulation … phase; and interest-rate risk at the point of retirement. We propose a new form of terminal utility function, incorporating … presence of non-hedgeable salary risk. We compare the performance of stochastic lifestlying with some popular strategies used …

standard correlation-based definition of neutrality. Variance neutrality, Value-at-Risk neutrality and tail neutrality all … relate to the neutrality of the risk of the hedge fund to market risks. Finally, complete neutrality. corresponds to … one-quarter of these funds exhibit some significant exposure to market risk. …

economically and statistically significant negative impact on risk-adjusted returns of approximately 1-2 percentage points, holding … constant other relevant factors. The use of explicit limits on asset allocation can be a blunt instrument for regulating risk …