when these assets appreciate, overvalued assets have high volatility, and the risk-return relationship becomes inverted …

incentive structure of a management team affects firm-level stock price crash risk. Using a large sample of S&P 1500 firms over … related to future crash risk. However, the positive relation is moderated by management team incentive heterogeneity, measured … heterogeneity on crash risk is more pronounced when the firms have weaker internal corporate governance, less institutional investor …

generates stochastic volatility in the asset returns, and substantial state varying stochasticity in the market price of risk … and the risk free rate; this is in sharp contrast to an economy without the presence of agency and dynamic contracts where … the market price of risk, risk free rate and asset volatility are all constant. Our results raise the question whether a …