This paper investigates political uncertainty as a source of regulatory risk. It shows that political parties have … incentives to reduce regulatory risk actively: Mutually beneficial pre-electoral agreements that reduce regulatory risk always … skewed. These results follow from a fluctuation effect of regulatory risk that hurts parties and an output-expansion effect …

This paper analyzes the risk allocation in concession models for German highways, according to the "F-Model" and the "A … concession models. Next, theoretical backgrounds and rules of thumb for risk allocation in concessions for road infrastructure … are presented and applied to the F- and A-Model. Both models show significant weaknesses with regard to risk allocation …

generates regulatory risk. I show that this risk has a fluctuation effect that hurts both parties and an outputexpansion effect … that benefits one party. Consequently, at least one party dislikes regulatory risk. Moreover, both political parties gain … from eliminating regulatory risk when political divergence is small or the winning probability of the regulatoryriskaverse …

Operational risk management and measurement has been paid an increasing attention in last years. The main two reasons … of 2006 and recent severe operational risk loss events. This paper focuses on operational risk measurement techniques and … Extreme Value Theory are considered. One of the methods used for operational risk management is a scenario analysis. Under …

factor risk model, when augmented with reference returns, is capable of generating visually consistent return distributions …