making and risk management. Over the past three decades there has been a trend towards increased asset return correlations … models proposed in the literature can be used to formally characterize and quantify market risk. In particular, we ask how … adequate these models are for modelling market risk at times of financial crisis. In doing so we consider a multivariate t …

to small firms. Our model identifies the economic forces behind this trend. Small firms with little capital at risk are … subject to risk-shifting. They realize more of their workers‘ risky ideas, helping small firms to poach creative workers from … firms take excessive risk, average enterprise profitability decreases, while bankruptcy increases. Moreover, large firms …

strong and rising negative correlation between oil prices and the US dollar since the early 2000s, with risk shocks and the … significantly affected by changes in equity market returns and risk. By contrast, oil prices did not react to changes in these … financialisation process of oil prices explaining most of the strengthening of this correlation. …

exposure to macroeconomic risk, consistent with sticky information models in which people are inattentive, but understand how …