This paper considers a simple model of credit risk and derives the limit distribution of losses under different assumptions regarding the structure of systematic and idiosyncratic risks and the nature of firm heterogeneity. The theoretical results obtained indicate that if firm-specific risk...

This paper examines the common factors that drive the returns of U.S. bank holding companies from 1997 to 2005. We compare a range of market models from a basic one-factor model to a nine-factor model that includes the standard Fama-French factors and additional factors thought to be...

The Drought Management Plans (DMPs) are a regulatory instrument that establishes priorities among the different water uses and defines more stringent constraints to access to publicly provided water during droughts, especially for non-priority uses such as agriculture. These plans have recently...

The internet has challenged the traditional news publisher business model by increasing competition for audiences and advertising revenue. Publishers have responded by seeking revenue transfers from the large, profitable digital platforms including Google and Meta's Facebook. But the loser in an...

Infolge der Finanzkrise hatten britische Unternehmen deutlich häufiger Probleme Kredite zu erhalten als deutsche. Die Studie zeigt, dass ein Grund hierfür im deutschen Regionalbankensystem und seinen spezifischen Eigenschaften liegen könnte. Durch die Nähe zum Unternehmer besteht die...