May 6 – 13, 2020, to understand these risk perceptions. Here we report some preliminary results. Our most striking finding …

move together as in Adrian and Shin (2010), and iii) intermediaries increase their exposure to systematic risk as they … reduce their idiosyncratic risk through diversification, as in Acharya, Schnabl, and Suarez (2010). Under rational …

underperform the market net of fees but investors still prefer to delegate money management to taking risk on their own, 2) fees …

We present a theory of choice among lotteries in which the decision maker's attention is drawn to (precisely defined … payoffs, our model provides a novel and unified account of many empirical phenomena, including frequent risk-seeking behavior … distinguish it from Prospect Theory, which we test. We also use the model to modify the standard asset pricing framework, and use …

We propose a theory of financial intermediaries operating in markets influenced by investor sentiment. In our model …. Banks maximize profits, and there are no conflicts of interest between bank shareholders and creditors. The theory explains …

for reasons unrelated to risk. They also lead to a rich pattern of own- and cross-autocorrelations, sample premia that can …