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Risk-sharing or risk-taking? Counterparty risk, incentives and margins
Biais, Bruno; Heider, Florian; Hoerova, Marie - 2012
We analyze optimal hedging contracts and show that although hedging aims at sharing risk, it can lead to more risk-taking. News implying that a hedge is likely to be loss-making undermines the risk-prevention incentives of the protection seller. This incentive problem limits the capacity to...
Persistent link: https://www.econbiz.de/10011605458
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Risk-sharing or risk-taking? : counterparty risk, incentives and margins
Biais, Bruno; Heider, Florian; Hoerova, Marie - 2012
Persistent link: https://www.econbiz.de/10009765248
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Optimal margins and equilibrium prices
Biais, Bruno; Heider, Florian; Hoerova, Marie - 2015 - This version: September 2015
Persistent link: https://www.econbiz.de/10012266243
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"Optimal margins and equilibrium prices"
Biais, Bruno; Heider, Florian; Hoerova, Marie - 2017
Persistent link: https://www.econbiz.de/10011731319
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Risk-sharing or risk-taking? An incentive theory of counterparty risk, clearing and margins
Biais, Bruno; Heider, Florian; Hoerova, Marie - Institut d'Économie Industrielle (IDEI), Toulouse … - 2014
Derivatives activity, motivated by risk-sharing, can breed risk taking. Bad news about the risk of the asset underlying …
Persistent link: https://www.econbiz.de/10010934674
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Risk-sharing or risk-taking? An incentive theory of counterparty risk, clearing and margins
Biais, Bruno; Heider, Florian; Hoerova, Marie - Toulouse School of Economics (TSE) - 2014
Derivatives activity, motivated by risk-sharing, can breed risk taking. Bad news about the risk of the asset underlying …
Persistent link: https://www.econbiz.de/10010934780
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Risk-sharing or risk-taking? Counterparty risk, incentives and margins
Biais, Bruno; Heider, Florian; Hoerova, Marie - European Central Bank - 2012
We analyze optimal hedging contracts and show that although hedging aims at sharing risk, it can lead to more risk-taking. News implying that a hedge is likely to be loss-making undermines the risk-prevention incentives of the protection seller. This incentive problem limits the capacity to...
Persistent link: https://www.econbiz.de/10010686736