for reasons unrelated to risk. They also lead to a rich pattern of own- and cross-autocorrelations, sample premia that can …

individual investor sentiment toward closed end funds and other securities. The theory implies that discounts on various funds …

underperform the market net of fees but investors still prefer to delegate money management to taking risk on their own, 2) fees …

move together as in Adrian and Shin (2010), and iii) intermediaries increase their exposure to systematic risk as they … reduce their idiosyncratic risk through diversification, as in Acharya, Schnabl, and Suarez (2010). Under rational …

expected exchange rate depreciations (appreciations) for high (low) interest rate currencies, suggesting that disaster risk is … priced in currency markets. To study the price of disaster risk, we propose a simple structural model that includes both … Gaussian and disaster risk and can be estimated even in samples that do not contain disasters. Estimating the model over the …

. The evidence is inconsistent with a risk-based explanation for the return differential …