Financial inclusion has become an important public policy priority following the recent global
financial crisis. Yet, we know very little of how it impacts soundness of the providers of …

We find that US corporations increase their cash holdings in response to higher economic
policy uncertainty. The increase in cash holdings is not attributed to a reduction in firm …

Hedge funds have become increasingly important players in financial markets. This
heightened importance has spawned a large academic literature focused on issues …

Hedge funds that endorse the United Nations Principles for Responsible Investment (PRI)
underperform other hedge funds after adjusting for risk but attract greater investor flows …

We develop a dynamic macroeconomic model with heterogeneous financial intermediaries
and endogenous entry. Time-varying endogenous macroeconomic risk arises from the risk …

Abstract “Big data” financial technology raises concerns about market inefficiency. A
common concern is that the technology might induce traders to extract others' information …

This study investigates the spillover of US economic uncertainty on the stock market volatility
of six industrialized and three emerging-market countries, using a bivariate GARCH-MIDAS …

We develop a new systematic tail risk measure for equity-oriented hedge funds to examine
the impact of tail risk on fund performance and to identify the sources of tail risk. We find that …

The economic literature has focused on the role of uncertainty in the real economy,
employing both measures of risk aversion and ambiguity aversion in structural models. In …