Using the implied volatility smirk on individual equity securities to measure perceived tail risk, we find that better environmental, social, and governance (ESG) practices and better practices in each individual E, S, and G pillar significantly reduce ex-ante expectations of a left-tail event....

The collapse of the recent housing price bubble precipitated the 2007-2008 financial crisis and caused international funding liquidity to dry up. We investigate how economic policies undertaken by the Federal Reserve and U.S. Treasury around the crisis impacted global liquidity by examining the...

We use an empirical model of commercial mortgage spreads to examine how tenant diversification impacts credit spreads for mortgages on retail properties. We find that mortgages on properties with a highly diversified tenant base have spreads that are up to 7.1 basis points higher than spreads on...