reaction of monetary policy. When everyone engages in maturity transformation, authorities have little choice but facilitating … correlate their risk exposures. Second, private borrowers may deliberately choose to increase their interest-rate sensitivity …

We estimate the risk and expected returns of private equity investments based on the market prices of exchange …

Rational models of risk-averse consumers have difficulty explaining limited annuity demand. We posit that consumers … evaluate annuity products using a narrow "investment frame" that focuses on risk and return, rather than a "consumption frame …, exhibiting high risk without high returns. Survey evidence supports this hypothesis: whereas 72 percent of respondents prefer a …

a key determinant of risk premia at all investment horizons. As the investment horizon increases, transitory risks …

In this paper we show that temperature is an aggregate risk factor that adversely affects economic growth. Our argument … temperature (i.e., temperature betas) contains sharp information about the cross-country risk premium; countries closer to the … Equator carry a positive temperature risk premium which decreases as one moves farther away from the Equator. The differences …

of idiosyncratic passive variations in the risky asset share. Wealthy, educated investors with better diversified … portfolios tend to rebalance more actively. We find some evidence that households rebalance towards a higher risky share as they …

. Entrepreneurial activity is subject to a dynamic moral hazard problem and entrepreneurs face idiosyncratic capital risk. We first … risk, which determines their hedging value. Entrepreneurial capital always receives a subsidy relative to other assets in …