Risks, Volume 12, Issue 12

We argue for an integrated, decision-oriented enterprise risk management (ERM) system focused on value drivers rather than risk minimization and using quantitative risk aggregation based on the best available information. Our holistic view on ERM inc...

This study analyses the impact of two major macroeconomic shocks—the COVID-19 pandemic and the Ukraine war—on the financial stability of LPP SA, a leading apparel company in Poland and Central and Eastern Europe. This research uses the co...

The endowment effect is a phenomenon whereby ownership increases the perceived value of goods, thereby reducing the willingness to trade. This paper presents the results of a field experiment, designed to assess the robustness of this effect when dec...

There was an error in the original publication (Fanelli 2024) [...]

Our objective is to test for evidence of information asymmetry in the mortgage servicing market. Does the sale of mortgage servicing rights (MSR) by the initial lender to a second servicing institution unveil any residual asymmetric information? We a...

This study examines the effect of the investment portfolio structure on insurers’ solvency, as measured by the Solvency Capital Requirement ratio. An empirical sample of 88 EU-based insurance groups was analyzed to provide robust evidence of th...

In this paper, we analyzed the role of credit consortia in supporting SMEs of the Italian region of Sardinia around and during the SARS-CoV-2 pandemic crisis. Credit consortia (or credit guarantee schemes) are financial companies whose institutional...

We address the effect of local financial conditions on the demand for non-life insurance. We consider the spread between the interest rates faced by the insured on the local credit market and the return rates earned by the insurer on national or inte...

The ageing of the population has negative effects on the gross domestic product (GDP), influencing various economic and social aspects. These effects, in turn, contribute to an increase in the debt-to-GDP ratio, raising concerns about the long-term s...

We address the problem of asset pricing in a market where there are no risky assets. Previous work developed a theoretical model for a shadow riskless rate (SRR) for such a market, based on the drift component of the state-price deflator for that ass...