Pairwise covariances of firm growth rates appear to drive the variance of aggregate growth rates in productivity, sales, and profit for public firms in the United States over the last half-century. High-productivity firms contribute most to the covariances driving aggregate variance, but least...

This study highlights some deficiencies of the stock markets’ risk legislation framework, and particularly the CESR (2010) guidelines. We show that the current legislative framework fails to offer incentives to financial management companies to invest in advanced models for more representative...

This study highlights some deficiencies of the stock markets' risk legislation framework, and particularly the CESR (2010) guidelines. We show that the current legislative framework fails to offer incentives to financial management companies to invest in advanced models for more representative...