British Household Panel Survey (BHPS) data concludes that the bulk of risk-sharing in the UK is driven by the savings channel … and by region. We find that risk-sharing is more effective (higher) for individuals whose savings are more flexible, while … it is less effective (lower) for individuals characterized by relatively more stable savings rate (like the Scottish …

This paper investigates how firms manage their cash savings, financing, and investment when aggregate uncertainty is …, investment irreversibility, and time-varying risk premia. In my model, firms have a precautionary-savings motive and real options …