economically and statistically significant negative impact on risk-adjusted returns of approximately 1-2 percentage points, holding … constant other relevant factors. The use of explicit limits on asset allocation can be a blunt instrument for regulating risk …-taking, in that they impede investment managers’ ability to exploit the benefits of portfolio diversification, and thus distort …

risk. To do so, the article unravels the much-misunderstood experiences of eight Norwegian municipalities whose investments … analytical concepts—“the fetishization of the knowledge of risk” and “fictitious distance”—to help explain how the crisis spread …