's (1921) distinction between uncertainty and risk. Along with the risky profit-maximizing scenario, identifying a second, off …

This paper studies the evolution of the greenium, i.e. a risk premium linked to firms' greenness and environmental … transparency, based on individual stock returns. We estimate an asset pricing model with time-varying risk premia, where the …

or long-term unemployment, may occur during working years. Personal disaster risk alters lifetime ex-ante investment … characterizes rare disasters, results in lower risk-taking at the beginning of working life, and is crucial in order to match the …

Mutual fund risk-taking via active portfolio rebalancing varies both in the crosssection and over time. In this paper …, I show that the same is true for funds' off- balance sheet risk-taking, even after controlling for on-balance sheet … information. In the empirical application, I show that German equity funds have increased their risk-taking via synthetic leverage …

This study provides evidence on the existence of a negative Greenium, i.e. a green risk premium, based on European … portfolio exposure to climate risk and hedge against it. We estimate that even in a rather benign scenario, there would be …