government risk facing investors in medical innovation. This risk slows down medical innovation because investors must be …&D investors to better share the pipeline risk associated with FDA approval with broader capital markets. Using historical FDA … from offering them. Using various unique data sources, we find that FDA approval risk has a low correlation across drug …

model implies that political uncertainty commands a risk premium whose magnitude is larger in weaker economic conditions …

a stochastic growth and discount factors in determining risk-adjusted values. These methods are supported by …-based implications for the term structure of risk prices. As an illustration of the methods, I re-examine some recent preference based …

examples featuring consumption externalities, recursive utility, and jump risk …

. Options whose lives span political events tend to be more expensive. Such options provide valuable protection against the risk … associated with political events, including not only price risk but also variance and tail risks. This protection is more …

differ from the well understood risk prices widely used in asset pricing theory. A quantitative example highlights a …