Speculative opportunity is commonly defined as the chance for agents to resell an asset at a higher price. We use a two-stage city-level resale restriction policy implemented in China as an exogenous and negative shock on the speculation chance in the second-hand housing market to show that a...

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This paper compares four commonly used systemic risk metrics using data on U.S. financial institutions over the period 2005-2014. The four systemic risk measures examined are the (i) marginal expected shortfall, (ii) codependence risk, (iii) delta conditional value at risk, and (iv) lower tail...