This study investigates how directors' and officers' liability insurance (hereafter D&O insurance) affects corporate diversification and post-diversification performance. Using a sample of 671 Taiwanese listed firms, we find that excessive D&O liability insurance is positively associated with...

Using the compensation gap between a CEO and the second-highest-paid CEO in the same Metropolitan Statistical Area (MSA) as a proxy for local tournament incentives, I document a positive relation between local tournament incentives and firm risk. Specifically, CEOs who face higher local...

We analyze the effect of the coach's gender on risk-taking in women sports teams using data taken from National Collegiate Athletic Association (NCAA) basketball games. We find that the coach's gender has a sizable and significant effect on risk-taking, a finding that is robust to several...

We analyze the effect of the coach's gender on risk-taking in women's National Collegiate Athletic Association (NCAA) basketball teams. We find that the coach's gender has a sizable and significant effect on the team's risk-taking, a finding that is robust to several empirical strategies,...

We analyze the effect of the coach's gender on risk-taking in women sports teams using data taken from National Collegiate Athletic Association (NCAA) basketball games. We find that the coach's gender has a sizable and significant effect on risk-taking, a finding that is robust to several...

We analyze the effect of the coach's gender on risk-taking in women sports teams using data taken from National Collegiate Athletic Association (NCAA) basketball games. We find that the coach's gender has a sizable and significant effect on risk-taking, a finding that is robust to several...

This chapter studies how and why artistic labor markets have expanded along a path of unbalanced growth. Long-term employment which nurtures the Baumolian cost disease persists only in large, heavily subsidized and sponsored organizations. The now dominant project-based system of production,...

Some have argued that recent increases in credit risk transfer are desirable because they improve the diversification of risk. Others have suggested that they may be undesirable if they increase the risk of financial crises. Using a model with banking and insurance sectors, we show that credit...

This paper analyzes dynamic equilibrium risk sharing contracts between profit-maximizing intermediaries and a large pool of ex-ante identical agents that face idiosyncratic income uncertainty that makes them heterogeneous ex-post. In any given period, after having observed her income, the agent...

The paper provides novel insights on the effect of a firm's risk management objective on the optimal design of risk transfer instruments. I analyze the interrelation between the structure of the optimal insurance contract and the firm's objective to minimize the required equity it has to hold to...