information set for the estimation of the empirical pricing kernel and, more in general, for the validity of the fundamental …

from those of emerging countries. I then estimate distinct disaster risk parameters for these two country groups. My … Bayesian analysis demonstrates that in some aspects advanced countries are more exposed to disaster risk, while in others their … persistent. Advanced countries are also more likely to experience a global disaster, whereas disasters in emerging countries tend …

The rare disaster hypothesis suggests that the extraordinarily high postwar U.S. equity premium resulted because … in theory, empirical tests of the rare disaster explanation are scarce. We estimate a disaster-including consumption … plausible size, and the estimation precision is much higher than in previous studies that use the canonical CBM. Our results …

The rare disaster hypothesis suggests that the extraordinarily high postwar U.S. equity premium resulted because … in theory, empirical tests of the rare disaster explanation are scarce. We estimate a disaster-including consumption … plausible size, and the estimation precision is much higher than in previous studies that use the canonical CBM. Such a …

The rare disaster hypothesis suggests that the extraordinarily high postwar U.S. equity premium resulted because … theory, empirical tests of the rare disaster explanation are scarce. We estimate a disaster-including consumption-based asset … plausible size, and the estimation precision is much higher than in previous studies that use the canonical CBM. A comparable …