First externalities risk due to the size of the companies or the principle that large companies are also at risk of … for savers and investors are taken. If we accept-so conservatively that the risk exposure of a company is limited by its … risk foreseeable losses with positive externalities, then, what can happen with negative derivatives risk capital …

% per year, during the subsequent four-year period after adjusting for risk and firm characteristics differentials. Further …, the average future returns on these firms are even below the corresponding risk-free returns. Our findings contribute to …