Using firm and industry data, we establish two facts: (i) Uncertainty about demand conditions not only reduces export … of export shares from the most to the least productive incumbents. Greater skewness of the demand distribution and …

Despite its importance implied in asset pricing and macroeconomic models, insurance against long-run volatility risk … has received little empirical documentation regarding its demand, supply, or pricing. This paper bridges the gap. First, I … show that households have directly purchased large quantities of insurance against long- run volatility risk through the …

The risk appetite of insurance companies fluctuates over time in a quasi cyclical fashion. When their capitalization is … the same source as the underwriting cycle, namely recapitalization costs. We build a simple dynamic model of the insurance …-standing empirical evidence on underwriting cycles and more recent evidence on the fluctuations of insurance companies’ risk appetite …