"Asymmetric Dependence (hereafter, AD) is usually thought of as a cross-sectional phenomenon. Andrew Patton describes AD as "stock returns appear to be more highly correlated during market downturns than during market upturns." (Patton, 2004) Thus at a point in time when the market return is...

Real and financial capital -- Risk and risk management -- Leverage -- Adverse selection and corporate financing decisions -- Capital budgeting, project selection, and performance evaluation -- Risk transfer -- Risk finance -- Insurance -- Reinsurance -- Credit insurance and financial guarantees...