Wetterextreme, Tierseuchen, Pflanzenkrankheiten: Seit jeher ist die landwirtschaftliche Produktion diesen und anderen Risikofaktoren ausgesetzt. Alleine in Deutschland sind im Zeitraum 1990 bis 2006 witterungsbedingte Ernteschäden in Höhe von rd. 7,6 Mrd € entstanden. Während durch die...

Digitalization has emerged as a modern risk mitigation tool for organizations. However, little is known about how digitalization influences operational risk. Drawing upon organizational information processing theory, we propose that digitalization reduces operational risk through internal...

We show that firms take more (but not necessarily excessive) risks when one of their directors experiences a corporate bankruptcy at another firm where they concurrently serve as a director. This increase in risk-taking is concentrated among firms where the director experiences a shorter,...

Asset pricing has attracted innumerable attention from many stakeholders in capital markets. However, a considerable lack of consensus exists regarding the full list and identity of risk factors and the ability of the already studied risk factors to optimally price risk. This problem is...

This paper analyzes the impact of commodity price shocks and global supply chain disruptions on U.S. inflation. Since the inflationary effect of particular commodities is time-varying, our main contribution is to construct a Cost-Push Commodity factor through a genetic algorithm which...

We comprehensively investigate the usefulness of tail risk measures proposed in the literature. We evaluate both the statistical and the economic validity of the measures. The option-implied measure of Bollerslev and Todorov (2011b) (BT11Q) performs the best overall. While some other tail risk...

This study examines the corporate culture outcomes over the Environmental Reputation Risk (ERR). We show that firms with a strong corporate culture are associated with a lower ERR. In particular, the relationship is stronger among corporate cultural values that emphasize innovation, respect, and...

The connections and volatilities of financial institutions are important features in studies on the financial market. Based on the tail-event-driven networks reflecting the risk interdependence between financial institutions, we introduce quantile regression to achieve the dynamic ranking of...

Risk management has traditionally encompassed the systematic identification, analysis, strategy and response to a myriad of factors that impact the sustainability of a business. Effective risk management strategies attempt to foresee and manipulate future outcomes by proactively, rather than...