We investigate the effects of economic uncertainty on the return volatility of financial assets, including equities, bonds, foreign exchange and commodities. We use several popular measures of economic uncertainty, and find the uncertainty displays significant but heterogeneous effect on...

In this paper, we collect the annual data of 145 commercial banks in China from 2010 to 2019 and use a panel data fixed-effect model to study how fintech (financial technology) affects the influence of macroeconomic uncertainty on commercial banks' proactive risk-taking. We find that the...

I consider a dynamic model of flexible security issuance by a borrowing-constrained entrepreneur with limited commitment who faces Knightian uncertainty about security valuations at intermediate growth stages. The entrepreneur’s uncertainty about valuation declines over time both because of...