that is subject to no employment protection, a firm constrained in firing will prefer a risk-free project over a risky one …

and, as they appear elusively safer, intermediaries reduce monitoring intensity, increasing ex post risk. …

virtually absent in labour economics text books. This paper documents the scope for risk, discusses the tough disentanglement of … heterogeneity and risk, surveys the analytical models, laments the absence of a good workhorse model and points out the challenges … worth tackling: document ex ante risk that investors face, develop a tractable and malleable analytical model and integrate …