This paper shows that the risk-bearing capacity of securities brokers and dealers is a strong determinant of risk … premia and the volatility of returns in commodity markets. I measure risk-bearing capacity as the fraction of broker … of broker-dealers is to provide insurance against commodity price fluctuations. I estimate cross-sectional prices of risk …

the level of policy rates at the time of the news release, and risk conditions: Government bond yields increase in … response to "good news," but less so when risk is elevated. Risk conditions matter since they can capture the effects of … objectives of central banks, and the effect of news announcements on the risk premium. …

inflation risk. Despite the importance of TIPS liquidity and the market’s large size, there is virtually no quantitative …