reduced firm risk, consistent with a decrease in debt-equity conflicts of interest. The changes are isolated to firms …

This paper examines how governance and risk management affect risk-taking in banks. It distinguishes between good risks … such a reward. A well-governed bank takes the amount of risk that maximizes shareholder wealth subject to constraints … cost effective to do so. The role of risk management in such a bank is not to reduce the bank's total risk per se. It is to …

governance controls are employed. Banks with higher managerial ownership target lower default risk. Higher managerial ownership …. Bankers may abuse their control rights to give themselves excessive salaries, favored access to credit, or to take excessive … policies, risk, and methods of risk management. Formal corporate governance is lower when manager ownership shares are higher …

Disparity between control and ownership rights gives rise to the risk of tunneling by the controlling shareholder, and … investors come from different countries whose home markets are characterized by varying degrees of control-ownership disparity … market. It combines two unique data sets on ownership and control in business groups, and investor-stock level foreign …

Current practice largely follows restrictive approaches to market risk measurement, such as historical simulation or … produce more accurate risk assessments, treating both portfolio-level and asset-level analysis. Asset-level analysis is … particularly challenging because the demands of real-world risk management in financial institutions - in particular, real …

which financial markets were trying to allocate risk between heterogeneous agents when productive investment opportunities … are scarce. We begin by showing how heterogeneity in terms of risk tolerance can cause financial markets to propagate …

We develop a model of pandemic risk management and firm valuation. We introduce aggregate transmission shocks into an …

-contribution (DC) plans that typically contain a minimum benefit guarantee (DC-MB). Risk management techniques must be used to control …-funding is very effective in controlling guarantee costs in traditional DB plans, it is highly ineffective for DC-MB plans. This … the Samp;P500. Calculations show that the true risk-adjusted value of unfunded guarantees in a realistic DC-MB plan equals …

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 …

banks to pursue safer investments in low-risk government securities …