We show that epistemic uncertainty–our iterated ignorance about our own ignorance–inevitably thickens statistical tails, even under perceived thin-tailed environments from past realizations. Any claim of precise risk carries a margin of e...
This study employs a quantile-on-quantile connectedness approach to analyze the asymmetric, distribution-dependent, and time-varying spillovers between FinTech indices and traditional financial markets. The results show that spillovers are concentrat...
This study examines how sovereign risk shapes the financial performance of sustainable investments, using the MSCI Emerging Markets ESG Index as a reference. The analysis covers 24 emerging and frontier economies from Latin America, Asia, the Middle...
This paper analyzes how the agricultural insurance market is adapting to climate change, particularly as extreme weather events become more frequent and severe. We focus on the optimal decision faced by a risk-averse farmer who wants to insure their...
Institutional investors exert significant influence on the operations and development of financial institutions, with different categories of investors playing distinct roles. We contend that institutional investor diversity may affect systemic finan...
This study examines the impact of Environmental, Social, and Governance (ESG) disclosures on the firm valuation of non-financial firms listed in South Africa, using Tobin’s Q as a firm value proxy. Using a panel data approach of 642 firm-year o...
Background: Despite the apparent importance of global catastrophe risks (GCRs), human society has invested relatively little to reduce them. One possible reason is that we do not understand the significance of reducing GCRs, especially when measured...
This study examines the use of artificial neural networks (ANNs) to classify financial risks in micro-, small-, and medium-sized enterprises (MSMEs) in Montenegro and the wider Western Balkan region. The economies in this region share structural simi...
European Union legislation, particularly Council Directive 2004/113/EC, mandates gender neutrality in credit scoring to prevent discrimination. However, this creates a regulatory paradox if gender is a statistically relevant predictor of default risk...
The rapid growth of the consumer credit card market has introduced substantial regulatory and risk management challenges. To address these challenges, financial institutions increasingly adopt advanced machine learning models to improve default predi...
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