The possibility to minimize volatility of the systematic risk while maximizing returns, is the use of an optimized buy … investments in leveraged portfolios also. The approach seems to modify the meaning of "nondiversifiable-risk" of the market risk …

Preqin and Pitchbook data are classified and analyzed to derive a coherent set of risk-return assumptions to combine … PD, PC detailed per subclass. Risk is decomposed in Class CoVariance, applicable from five positions upwards, and Single …, Class or Single, Sep2022 or low interest rates Sep2021. Adding PE and PD reduces LDI-risk very much and delivers …

This paper presents an alternative theory explaining why firms adopt dividend policies of various kinds at intermediate …, clientele effects and risk diversification are not completely compatible, a firm's dividend pattern is expected to be consistent … levels. We extend the dividend clientele model from a traditional corner-solution framework to an interior-solution framework …

Taxes on capital gains are deferred until realization, whereas dividend taxes are levied upon accrual. This often makes … accelerated realizations - then dividend payments can become tax-efficient. This mechanism is appealing because it jointly …

bank’s cash holdings and can signal the bank’s type through its dividend policy. Banks that will be adversely affected by … unaffected banks can credibly signal via a more aggressive payout strategy. Dividend payout restrictions have the potential to … higher risk of default but mitigates the distortion of the good type's policy. We identify a number of scenarios where this …

This paper studies the impact of banks’ dividend restrictions on the behavior of their institutional investors. Using … funds permanently decrease their ownership shares at treated banks during the 2020 dividend restrictions in the Eurozone and … fund ownership and banks’ dividend yield, highlighting again the importance of dividends for European banks’ fund investors …

This paper is the first investigation of the interplay between dividends and risk taking in banks. I examine the role … of dividends as a risk-shifting mechanism that can exacerbate moral hazard, controlling for standard determinants of … to their shareholders, suggesting that dividends are used to shift risk from bank owners to the taxpayer. These findings …

makers. However, the existing literature lacks an investigation of the relation between dividends and bank risk taking. I … find a positive relation between default risk and payout ratios, although this relation is insignificant for very high … levels of default risk. Capital requirements and the desire to preserve the charter can offset the positive relation between …

the known negative effect of risk on payout policy. Ambiguity leads ambiguity-averse investors to overweight the … ambiguity on payout, we find that dividend initiation announcement returns increase in ambiguity …

I examine whether and to what extent tax uncertainty affects a firm's dividend payouts. Based on the argument that tax … uncertainty exhibit a lower probability of dividend payouts. The effect of tax uncertainty is stronger in the presence of … negative effect of tax uncertainty on dividend levels, which is moderated by the costs of dividend reductions. These results …