We study whether industrial firms risk-shift in response to distress risk increases induced through hurricane strikes. Using new proxies capturing deliberate managerial decisions about the risk of a firm's operating segment portfolio, differences tests suggest that hurricane strikes prompt...

This paper proposes high-frequency and dynamic indexes to measure institutions’ risklevels. The indexes based on market data, which are constructed through the dynamicfactor copula introduced by Oh and Patton (2018), allow for the evolution ofinterdependency and size among institutions. The...