Our goal is to document the causal impact of having a board-level risk committee (RC) and a management-level executive … designated as chief risk officer (CRO) on bank risk. The Dodd Frank Act requires bank holding companies with over $10 billion of … assets to have an RC, while those with over $50 billion of assets are additionally required to have a CRO to oversee risk …

This study examines the impacts of a large-scale government-led microcredit program on informal risk sharing among poor … microcredit raises the expected value of autarky utility relative to the utility derived from risk-pooling arrangements, and thus … reduces the scope of implementable risk-sharing contracts …

Economic Theory, one of the most important contributions to the economic literature. Anticipating modern behavioral economics … Uncertainty, Evolution, and Economic Theory. In Part II, we explain the implications of Alchian's paper for behavioral economics …