: (1) financial crisis is unlikely to happen in the near future, and (2) the ultimate risk lies with China's economic …Motivated by growing concerns about the risks and instability of China's financial system, this article reviews several … commonly perceived financial risks and discusses their roots in China's politico-economic institutions. We emphasize the need …

power for expected returns across a range of equity characteristic portfolios and non-equity asset classes, with risk price … estimates that are of the same sign and similar in magnitude. Positive exposure to capital share risk earns a positive risk …

We develop measures of time-varying risk aversion and economic uncertainty that are calculated from financial variables … dynamics among asset-specific cash flows, macroeconomic fundamentals and risk aversion feature heteroskedasticity and non …-Gaussianity. Variance risk premiums on equity are very informative about risk aversion, whereas credit spreads and corporate bond volatility …

data on both the aggregate stock market and aggregate labor income. The paper finds that aggregate stock market risk is the … main factor determining excess stock and bond returns, but that the price of stock market risk does not equal the … coefficient of relative risk aversion as would be implied by the static Capital Asset Pricing Model …

priced risk …

itself. It then examines whether aggregate market risk or aggregate fundamental risk is priced. Although market risk is … priced, the paper does find that fundamental risk is an important factor in explaining risk premia …

depends on the concentration of these aggregate shocks; it follows that one cannot estimate the degree of risk aversion from …

Swiss franc assets, together with the US stock market. The model is estimated constraining risk premia to depend on the time … variances cannot explain the observed time-variation of risk premia. Furthermore, the constraints imposed by the static CAPH are …