This paper measures the systemic risk of a banking sector as a hypothetical distress insurance premium, identifies various sources of financial instability, and allocates systemic risk to individual financial institutions. The systemic risk measure, defined as the insurance cost to protect...

In this paper we propose a framework for measuring and stress testing the systemic risk of a group of major financial institutions. The systemic risk is measured by the price of insurance against financial distress, which is based on ex ante measures of default probabilities of individual banks...

This paper attempts to explain the credit default swap (CDS) premium, using a novel approach to identify the volatility and jump risks of individual firms from high-frequency equity prices. Our empirical results suggest that the volatility risk alone predicts 48% of the variation in CDS spread...

Purpose After over 30 years’ reform and opening-up, China as the second largest economy is now facing the most essential transformation of management philosophy and the biggest challenging issue of business sustainable development, with people’s increasing worry of the deterioration of...

Purpose: The purpose of this study is to explore the adjustment model of expatriates in overseas projects by studying two overseas projects of a Chinese state-owned enterprise. Design/methodology/approach: Based on the grounded theory, qualitative analysis was performed based on data compiled...