We exploit regional variations in exposure to heat stress to study if physical climate risk is priced in municipal and …

We study aggregate lapsation risk in the life insurance sector. Using the regulatory reporting of historical lapse … risk factors that explain a large fraction of the common variation in lapse rates of the 30 largest life insurance … examine the heterogeneity in risk factor exposures based on policy and policyholder characteristics. Young policyholders with …

Private debt funds are the fastest growing segment of the private capital market. We evaluate their risk …-adjusted returns, applying a cash-flow based method to form a replicating portfolio that mimics their risk profiles. Using both equity … and debt benchmarks to measure risk, a typical private debt fund produces an insignificant abnormal return to its …

flows earn a risk premium, leading to a multi-factor asset-pricing model resembling the ICAPM, even with myopic agents and …-war announcements, we find that an increased outflow risk faced by funds leads to more aggressive flow-hedging portfolio tilts …

I provide a novel theory to account for these phenomena and use it to shed light on the data. I break new ground … suspension of convertibility exceeds some agent-specific threshold. The implications of the theory are highlighted in an … analytically tractable example. The theory is then used as a guide to examine and interpret the data, using bi-hourly observations …