Topic
Financial risk
About: Financial risk is a research topic. Over the lifetime, 11899 publications have been published within this topic receiving 231404 citations. The topic is also known as: economic risk.
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25 Feb 1993
TL;DR: In this paper, the economic theory of systemic risk financial instability 1966-90 systemic risk and financial market structure then further financial crises conclusion - themes and prospects, and the economic effects of financial fragility.
Abstract: Debt financial fragility in the corporate sector financial fragility in the personal sector economic effects of financial fragility the economic theory of systemic risk financial instability 1966-90 systemic risk and financial market structure then further financial crises conclusion - themes and prospects.
275 citations
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TL;DR: In this article, a new concept of Granger causality in risk is introduced and a class of kernel-based tests are proposed to detect extreme downside risk spillover between financial markets, where risk is measured by the left tail of the distribution or equivalently by the Value at Risk (VaR).
274 citations
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TL;DR: In this article, on-site visits to financial service firms were conducted to review and evaluate their financial risk management systems, and a commercial banking analysis covered a number of North American super-regionals and quasi-money-center institutions as well as several firms outside the U.S. The information obtained covered both the philosophy and practice of risk management.
Abstract: Throughout the past year, on-site visits to financial service firms were conducted to review and evaluate their financial risk management systems. The commercial banking analysis covered a number of North American super-regionals and quasi–money-center institutions as well as several firms outside the U.S. The information obtained covered both the philosophy and practice of financial risk management. This article outlines the results of this investigation. It reports the state of risk management techniques in the industry. It reports the standard of practice and evaluates how and why it is conducted in the particular way chosen. In addition, critiques are offered where appropriate. We discuss the problems which the industry finds most difficult to address, shortcomings of the current methodology used to analyze risk, and the elements that are missing in the current procedures of risk management.
274 citations
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TL;DR: In this paper, the authors provide an empirical evaluation of the patterns of risk sharing among different groups of countries and examine how international financial integration has affected the evolution of these patterns using a variety of empirical techniques, and conclude that there is at best a modest degree of international risk sharing, and certainly nowhere near the levels predicted by theory.
273 citations
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TL;DR: This paper found that socially responsible companies tend to show less diversifiable risk in their stock behavior than non-socially responsible companies, and that adoption of corporate social responsibility codes of conduct can help diminish the overall business risk of a company, and even improve its long-term risk-adjusted performance.
Abstract: While studies have called the performance of socially responsible investments competitive, many investors do not choose to invest their assets in a socially responsible fashion. Part of this reluctance may relate to reduced diversification possibilities and the risk effects of application of ethical screens to portfolios. This investigation of a sample of Canadian stocks challenges the popular opinion that socially responsible investments are more volatile than conventional portfolios. Judged by two different methodologies, socially responsible companies tend to show less diversifiable risk in their stock behavior than non-socially responsible companies. These findings seem to support social investors? view that the adoption of corporate social responsibility codes of conduct can help diminish the overall business risk of a company, and even improve its long-term risk-adjusted performance.
272 citations