. Enterprise formation is subject to future market risk and is shaped by labor market institutions in the post-entry stage. The …

We merge the literature on downside return risk and liquidity risk and introduce the concept of extreme downside … same time when the market liquidity (return) is lowest. This effect is not driven by linear or downside liquidity risk or … extreme downside return risk and is mainly driven by more recent years. There is no premium for stocks whose liquidity is …

In an open-shop model of trade union membership with heterogeneity in risk attitudes, a worker's relative risk aversion … can affect the decision to join a trade union. Furthermore, a shift in risk attitudes can alter collective bargaining … outcomes. Using German panel data (GSOEP) and three novel direct measures of individual risk aversion, we find evidence of a …

In an open-shop model of trade union membership with heterogeneity in risk attitudes, a worker's relative risk aversion … can affect the decision to join a trade union. Furthermore, a shift in risk attitudes can alter collective bargaining … outcomes. Using German panel data (GSOEP) and three novel direct measures of individual risk aversion, we find evidence of a …