The rise of centralized mining pools for risk sharing does not necessarily undermine the decentralization required for …

We find that three factors – cryptocurrency market, size, and momentum – capture the cross-sectional expected … cryptocurrency returns. We consider a comprehensive list of price- and market-related factors in the stock market, and construct … their cryptocurrency counterparts. Nine cryptocurrency factors form successful long-short strategies that generate sizable …

is evidence on which dimension of intertemporal risk – the risk or the time – is evaluated first. Though under discounted …. We find more support for the notion that the risk dimension is evaluated first …

, and predictability of stock returns. The key to our results is that the agent's risk-aversion changes over time as a …

We present a new model of asset prices in which investors evaluate risk according to prospect theory and examine its …

-generating strategy typically lowers the fund's risk-adjusted excess return due to frictions such as price pressure. When the manager is … via both management and incentive fees, we show that (i) the high-powered incentive fees encourage excessive risk taking … sufficiently poor fund performances substantially curtail managerial risk-taking, provide strong incentives to de-leverage, and …

This paper presents a dynamic model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations … public pension fund management, we find evidence that funds chose greater overall asset - liability portfolio risk following …, pension plans take more risk when they have greater representation by plan participants on their Boards of Trustees …