begin by showing that Exchange risk adjustment and reinsurance succeed in neutralizing selection incentives for most, but … offered in equilibrium can fail to optimally trade-off risk protection and moral hazard …

health outcomes: affected hospitals experience a significant increase in risk-adjusted, unplanned 30-day readmission rates of … recently discharged patients and in risk-adjusted 30-day patient mortality rates. Overall, the results indicate that access to …

In this paper, we investigate whether U.S. bank holding companies (BHCs) with strong and independent risk management … functions have lower enterprise-wide risk. We hand-collect information on the organizational structure of the risk management … function at the 74 largest publicly-listed BHCs, and use this information to construct a Risk Management Index (RMI) that …

of banks argue that compensation for bearing systematic risk is not part of bank output. We apply these models and find …

The largest commercial bank stocks, ranked by total size of the balance sheet, have significantly lower risk … factor in the component of bank returns that is orthogonal to the standard risk factors, including small-minus-big, which has … the right covariance with bank returns to explain the average risk-adjusted returns. This factor measures size …

manufactured riskless assets of $1.2 trillion by selling short-term ABCP to risk-averse investors, predominantly U.S. money market …

correlate their risk exposures. Second, private borrowers may deliberately choose to increase their interest-rate sensitivity …