idiosyncratic risk than a comparable U.S. firm. Country characteristics help explain variation in the level of idiosyncratic risk …, but less so than firm characteristics. Idiosyncratic risk falls as government stability and respect for the rule of law … improve. Idiosyncratic risk is positively related to stock market development but negatively related to bond market …

financial markets. The climate related risk is divided into three subcategories, the environmental uncertainty, the economic … climate risk and the climate policy risk, which all of them may affect the markets directly or indirectly. The perspective is … market valuation of the climate risk. …

The study concentrates on the comparison of hedge fund efficiency measured by maximum drawdown measures with … traditional risk/return ratios. The examined period is from 1990 to 2011 and the data were provided by Hedge Fund Research. It is … were interesting and showed that the results of complex efficiency measures aren’t much different from traditional measures …

the consumption-based specification of the risk premium. The relevance of Knightian uncertainty is inconsistent with all … REH models, regardless of how they specify the market's risk premium. The authors' evidence is also inconsistent with …

This paper assesses redenomination risk in the euro area. We first estimate daily default-risk-free yield curves for … redenomination risk from the yield spreads between these two types of bonds. Redenomination risk primarily shows up at the short end … -2% for Germany. The ECB's interventions designed to reduce the risk of a breakup successfully did so for Italy, but …