Logistics section is one of the most important industrial sections to contribute to European economy. To improving efficiency and energy efficient of logistics, European Commission call new research theme "smart, green and integrated transport" in its H2020 program. The paper presents a version...

We decompose total variance into its bad and good components and measure the premia associated with their fluctuations using stock and option data from a large cross-section of firms. The total variance risk premium (VRP) represents the premium paid to insure against fluctuations in bad variance...

We document that the term structures of risk-neutral expected loss and gain uncertainty on S&P 500 returns are upward sloping on average. These shapes mainly reflect the higher premium required by investors to hedge downside risk and the belief that potential gains will increase in the long run....