extensive number of robustness checks. Overall, downside cash flow risk is priced most consistently across different samples … ability. The downside cash flow risk premium is mainly attributable to small stocks. The risk premium for large stocks appears … much more driven by a compensation for symmetric, cash flow related risk. Finally, we multiply our premia estimates by …

particular, we allow for a state-dependent choice of investment styles rather than aonce-and-for-all choice for a particular … style, for example based on high book-to-price ratios orsmall market cap values. Using alternative ways to correct for risk …, we find significant and robustexcess returns to style rotating investment strategies. Business cycle oriented approaches …

. Our results apply to stationary and ergodic time series. In a simulation study we show that our asymptotic theory provides …

Financial risk management is difficult at the best of times, but especially so in the presence of economic uncertainty … and financial crises. The purpose of this special issue on "Advances in Financial Risk Management and Economic Policy … methods have contributed significantly to the analysis of financial risk management when there is economic uncertainty …

and social value. The portfolio nature of the investment problem brings about novel insights on the external effects of … firms' investments. The investment of a firm in one project imposes a negative business-stealing externality on the rival … firms because it lowers the probability they win the innovation contest for that project; however, the investment of a firm …