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Payout Restrictions and Bank Risk-Shifting
Staff Reports (Federal Reserve Bank of New York)What are the effects of payout restrictions on bank risk-shifting? To answer this question, we exploit the restriction policies imposed during the Covid-crisis on US banks as a natural experiment. Using a high-frequency differences-in-differences empirical strategy, we show that, when share buybacks are banned and dividends restricted, banks’ equity ...
Fulvia Fringuellotti, Thomas Kroen
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Risk shifting consequences depending on manager characteristics [PDF]
International Review of Economics and Finance, 2019 This paper investigates the performance consequences of the risk shifting behavior shown by domestic equity mutual funds through the analysis of monthly portfolio holdings.
Laura Andreu, JOSÉ Luis Sarto
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Do Derivatives Have a Role in the Risk-Shifting Behaviour of Fund Managers?
Australian Journal of Management, 2007 In this paper we examine the extent to which derivatives are used to affect the risk-shifting behaviour of Australian equity fund managers. We find, after periods of good and poor performance, the risk-shifting behaviour of fund managers is different ...
Karen Benson +2 more
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Looting and risk shifting in banking crises
Journal of Economic Theory, 2014zbMATH Open Web Interface contents unavailable due to conflicting licenses.
John H. Boyd, Hendrik Hakenes
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Market states and mutual fund risk shifting
Managerial Finance, 2017 Purpose The purpose of this paper is to explore the motivation behind mutual funds’ risk shifting behavior by examining its impact on fund performance, while jointly considering fund managers’ compensation incentives and career concerns.
Zhaojin Xu
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Psychological Reports, 1970
The expected payoffs for the risky alternatives in a standard shift-to-risk experiment were investigated rather than controlled. As predicted, a significant shift to reward was found. The group expectations of the risky payoffs were higher than the means of the individual expectations. The shift to reward was significantly, but lowly, correlated with a
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The expected payoffs for the risky alternatives in a standard shift-to-risk experiment were investigated rather than controlled. As predicted, a significant shift to reward was found. The group expectations of the risky payoffs were higher than the means of the individual expectations. The shift to reward was significantly, but lowly, correlated with a
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Risk Shifting in Subacute Care
Nursing Management (Springhouse), 1996The implications of risk shifting on subacute care providers by payers are enormous. Financially, it will force subacute care providers to strategize on how to deal with capitated arrangements. Strategically, it will provide the impetus for retaining, increasing or losing market share in the health care arena.
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Presales, Leverage Decisions, and Risk Shifting [PDF]
Journal of Real Estate Research, 2014 We set up a game-theoretic model for a market where the presale method (to sell a property before its completion) can be used together with construction loans and mortgages as a developer's financi...
Su Han Chan, Fang Fang, Jing Yang
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Mutual Fund Risk Shifting and Risk Anomalies
SSRN Electronic Journal, 2021Risk-shifting by underperforming funds increases their demand for risky stocks. We investigate its contribution to the well known risk anomalies: the apparent overvaluation of stocks with high beta, idiosyncratic volatility, and skewness. We show that these anomalies are concentrated among stocks mainly held by laggard funds. Exploiting the Morningstar
Xiao Han +2 more
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