We demonstrate, using data for the period 1954-2003, that differences in exposure to consumption risk explains cross … calendar year return when computing the latter's exposure to consumption risk. We find strong support for our consumption risk …

government bailout. A group bank subordinating other group firms can extend loans to suppress their risk-taking to default risk …, preserving risk-averse low-productivity zombie firms. Actual business groups can fall between these polar cases. Subordinated … group banks magnify risk-taking; subordinating banks suppress risk-taking; yet both distortions promote business group firms …

shifted production to unregulated firms in the same conglomerate instead of improving their energy efficiency. Conglomerate …

contribute to firm-level idiosyncratic risk because they affect industries heterogeneously. Idiosyncratic components of commodity …

countries, but their risk and return characteristics differ substantially. 3. There is little to suggest that over the past …

an international acquisition or project by examining the sources of risk in an international setting. These risks include … stock-market price risk measured with various versions of the capital asset pricing model, as well as exchange rate risk and … political risk. To measure stock market risk, both segmented and integrated models of the world equity markets are considered …

stocks earn returns that are significantly lower than stocks of non-financial firms of the same size and with the same risk …