Exchange of risks is considered here as a transferable-utility cooperative game. When the concerned agents are risk … averse, there is a core imputation given by means of shadow prices on state-dependent claims. Like in finance, a risk can … on the pooled risk and the convolution of individual preferences. Explored below are relations to finance with some …

, we study the implications of the interaction between incentive compatibility and participation constraints for risk …

I investigate whether information quality affects the cost of equity capital through liquidity risk. Liquidity risk is … the importance of this systematic risk. I find that higher information quality is associated with lower liquidity risk and … association between information quality and liquidity risk is stronger in times of large shocks to market liquidity …