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Collective risk-taking decisions with heterogeneous beliefs
Gollier, Christian - 2003
Suppose that a group of agents having divergent expectations can share risks efficiently. We examine how this group should behave collectively to manage these risks. We show that the beliefs of the representative agent is in general a function of the group.s wealth level, or equivalently, that...
Persistent link: https://www.econbiz.de/10011507677
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Taxation and corporate risk-taking
Langenmayr, Dominika; Lester, Rebecca - 2017
We study whether the corporate tax system provides incentives for risky firm investment. We analytically and empirically show two main findings: first, risk-taking is positively related to the length of tax loss periods because the loss rules shift some risk to the government; and second, the...
Persistent link: https://www.econbiz.de/10011688417
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Bank bonus pay as a risk sharing contract
Efing, Matthias; Hau, Harald; Kampkötter, Patrick; … - 2019
We argue that risk sharing motivates the bank-wide structure of bonus pay. In the presence of financial frictions that make external financing costly, the optimal contract between shareholders and employees involves some degree of risk sharing whereby bonus pay partially absorbs earnings shocks....
Persistent link: https://www.econbiz.de/10011966886
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Do male managers increase risk-taking of female teams? : evidence from the NCAA
Böheim, René; Freudenthaler, Christoph; Lackner, Mario - 2019
We analyze the effect of the coach's gender on risk-taking in women sports teams using data taken from National Collegiate Athletic Association (NCAA) basketball games. We find that the coach's gender has a sizable and significant effect on risk-taking, a finding that is robust to several...
Persistent link: https://www.econbiz.de/10011977094
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Financial risk-taking under health risk
Bos, Björn; Drupp, Moritz A.; Meya, Jasper; Quaas, … - 2023
We study how background health risk affects financial risk-taking. We elicit financial risk-taking behavior of a representative sample of more than 5,000 Germans in five panel waves during the COVID-19 pandemic. Exploiting variation in local infections across time and space, we find that an...
Persistent link: https://www.econbiz.de/10014252316
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Competition and risk taking in local bank markets : evidence from the business loans segment
Canta, Chiara; Nilsen, Øivind Anti; Ulsaker, Simen A. - 2023
This paper studies empirically the relationship between competition and risk taking in banking markets. We exploit an unique dataset providing information about all bank loans to Norwegian firms over several years. Rather than relying on observed market shares, we use the distance between bank...
Persistent link: https://www.econbiz.de/10014284697
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Supply chain reliability and international economic growth : impacts of disruptions like COVID-19
Goel, Rajeev K.; Saunoris, James W.; Goel, Srishti S. - 2020
importance, formal research on the contribution of supply chain logistics, including the relative impacts across different … logistics dimensions, is less. The importance of supply chains has been recently been brought to the forefront in the wake of … examine the relative effects of the different aspects of supply chain logistics on economic growth. Placing the empirical …
Persistent link: https://www.econbiz.de/10012219347
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Climate Stress Testing
Acharya, Viral V.; Berner, Richard B.; Engle, Robert F.; … - 2023
We explore the design of climate stress tests to assess and manage macro-prudential risks from climate change in the financial sector. We review the climate stress scenarios currently employed by regulators, highlighting the need to (i) consider many transition risks as dynamic policy choices;...
Persistent link: https://www.econbiz.de/10014249918
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Macro-financial linkages in the high-frequency domain : the effects of uncertainty on realized volatility
Caporale, Guglielmo Maria; Karanasos, Menelaos; Yfanti, … - 2019
This paper estimates a bivariate HEAVY system including daily and intra-daily volatility equations and its macro …-augmented asymmetric power extension. It focuses on economic factors that exacerbate stock market volatility and represent major threats to … commodity markets on stock market realized volatility. Specifically, Economic Policy Uncertainty is shown to be one of the main …
Persistent link: https://www.econbiz.de/10012158736
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Breaking bad : supply chain disruptions in a streamlined agent based model
Delli Gatti, Domenico; Grugni, Elisa - 2021
We explore the macro-financial consequences of the disruption of a supply chain in an agent based framework characterized by two networks, a credit network connecting banks and firms and a production network connecting upstream and down-stream firms. We consider two scenarios. In the first one,...
Persistent link: https://www.econbiz.de/10012508657