Risks, Volume 13, Issue 10

Based on data from Chinese corporate bonds issued between 2014 and 2023, this study examines how ESG rating disagreement affects credit spreads. The results indicate that such disagreement significantly increases spreads through financial risk and in...

The energy sector, as a major source of carbon emissions, has a significant impact on the operation of the carbon market and the management of carbon emissions. With the introduction of the “dual carbon” goals, the Chinese government has...

Investment loss tolerance refers to an investor’s willingness to hold financial instruments after experiencing value declines and is considered essential to long-term investment success. Financial literacy, comprising financial knowledge, attit...

This paper investigates the role of proportional reinsurance as a practical and flexible tool for managing demographic risk in life insurance, with a focus on its impact on both the Solvency Capital Requirement (SCR) and expected profitability. While...

Hyperbolic discounting, a key determinant of intertemporal behavior, captures individuals’ preferences for smaller immediate rewards over larger delayed ones. This study examined how hyperbolic discounting influences investment loss tolerance u...

This study investigates how U.S. presidential political leadership affects financial market performance at the sector level, offering a novel contribution to the literature that has largely focused on aggregate market indices. While prior research do...

This article estimates the impact of a policy change on an event probability in a difference-in-differences hazard model using four estimators. We examine the error distributions of the estimators via a simulation experiment with twelve different sce...

In today’s complex economy, firms face various risks. The increasing risks and exposures hinder top performance and impede investments in new project circles. This study examines how Enterprise Risk Management (ERM) practices affect the non-fin...

Medicare fraud poses a substantial challenge to healthcare systems, resulting in significant financial losses and undermining the quality of care provided to legitimate beneficiaries. This study investigates the use of machine learning (ML) to enhanc...

This paper proposes a nonparametric estimator of the spot volatility matrix with high-frequency data. Our newly proposed Positive Definite Fourier (PDF) estimator produces symmetric positive semi-definite estimates and is consistent with a suitable c...