wealth). Because of hedging motives, wealth duration and uncertainty decrease systematic risk. If rent seeking and … competition are sufficiently high, a negative risk premium arises that resolves over time with learning. The model generates price … competition are intense …

Merger review in the United States has overlooked a significant competition harm: increasing risk. Mergers can increase … harming competition can be blocked under the Clayton Act. Risk should therefore be treated like innovation in merger review as …. When a merger increases risk because of a harm to competition, that increased risk is an antitrust harm and can therefore …

Insurers issuing segregated fund policies apply dynamic hedging to mitigate risks related to guarantees embedded in … the imperfect correlation between the underlying fund and its corresponding hedging instruments. The current work … discusses the implications of using fund mapping regressions when the joint dynamics of the underlying and hedging assets is a …