Cross-affiliation emerges as a new and fast-developing means to promote collaboration in financial research. We find that the average number of affiliations reported per author in the top-three finance journals increases steadily from 1.1 to 1.3 from 1995 to 2016. Scale-free power laws...

Return jumps on equities exhibit slowly-decaying tail behavior admitting severe downside risk; moreover, heavy-tailed jump size distributions governing these rare events pose further challenges to econometric estimation. This paper formulates a portfolio choice problem in a multi-asset...