Law-invariant functionals that collapse to the mean: Beyond convexity

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Financial Institutions in the Face of the Environmental Emergency

The paper delves into the intertwining of financial institutions and environmental concerns, particularly climate change and biodiversity loss. It introduces a dual framework based on 'impact' and 'ri

Optimal insurance with mean-deviation measures

The paper explores optimal insurance contracts using decision makers' preferences, combining expected loss with a deviation measure like Gini coefficient or standard deviation. It reveals that using e

Consequences of Bank Stress Test Disclosures

“I show that, during a normal economic period, rather than having a disciplining effect, disclosure leads to banks increasing risk taking, consistent with banks facing pressure to offset the costs of