valuation of disaster risk. Focusing on media discourse addresses the challenge of sample size even when major disasters are …

We characterize how risk evolves during a crisis. Using high-frequency data, we find that the first two principal … different, the risk dynamics share remarkably common features: PC1 shocks come solely from asset volatility, while PC2 shocks …, we provide novel identification of risk dynamics by linking these changes to news about the virus and epidemiological …

for the observed behavior of the stockmarket? Second, how risk averse are investors in the aggregate?We find that the … less so. Estimates of the index of relative risk aversion are obtained that put that parameter in the range of 3 to 4 …

We present a new model of asset prices in which investors evaluate risk according to prospect theory and examine its …

of the other variables. Our relations are useful for understanding the risk-return trade-off, as well as characterizing …

: (1) financial crisis is unlikely to happen in the near future, and (2) the ultimate risk lies with China's economic …