impact that dominant stockholder's share pledging has on both systematic right-tail risk and left-tail risk. Furthermore, we … by share pledges, will reduce the systematic right-tail risk. Second, the controlling shareholder who pledges their own … holdings will bring down the systematic left-tail risk through the earnings management channel. Additionally, we conduct …

international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response … shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will … for the productivity gains can further increase the risk exposure of foreign shareholders. The model is calibrated to show …