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Risk Management, Firm Reputation, and the Impact of Successful Cyberattacks on Target Firms
Abstract We develop a model where a firm has an optimal exposure to cyber risk. With rational, fully informed agents and with no hysteresis, a successful cyberattack should have no impact on aExpand
What is the Impact of Successful Cyberattacks on Target Firms?
We examine which firms are targets of cyberattacks and how they are affected. We find that cyberattacks cause firms to reassess the risks that they are exposed to and their consequences, so that theyExpand
Mortality Regimes and Pricing
Abstract Mortality dynamics are characterized by changes in mortality regimes. This paper describes a Markov regime-switching model that incorporates mortality state switches into mortality dynamics.Expand
Managerial Incentives, Risk Aversion, and Debt
We investigate the risk choices of risk averse CEOs. Following recent theoretical work, we expect CEO risk aversion to be more pronounced in firms with high leverage, or high default probability. WeExpand
The adverse effects of systematic leakage ahead of official sovereign debt rating announcements
Rating agencies consult with local government officials several days prior to official announcements of sovereign debt rating changes, making information leakage likely. Using cross-country data fromExpand
The Cross‐Section of Asia‐Pacific Mortality Dynamics: Implications for Longevity Risk Sharing
We study the dynamics of longevity risk across a subset of countries in the Asia-Pacific (APAC) region. We use hand-collected and existing data on mortality rates from emerging and developedExpand
Managerial Incentives, Risk Aversion, and Debt
Abstract We investigate the risk choices of risk-averse CEOs. Following recent theoretical work, we expect CEO risk aversion to be more pronounced in firms with high leverage or high defaultExpand
Private Information in Currency Markets
Using daily abnormal currency returns for the universe of countries with flexible exchange rates, we show local currency depreciations ahead of unscheduled, public sovereign debt downgradeExpand
The Cross-Section of Expected Stock Returns in the Property/Liability Insurance Industry
Insurance companies are important financial institutions exposed to natural and man-made disasters. We conduct a comprehensive examination of existing asset pricing models in the US insuranceExpand
What is the Impact of Successful Cyberattacks on Target Firms
We examine which firms are targets of successful cyberattacks and how they are affected. We find that cyberattacks are more likely to occur at larger and more visible firms, more highly valued firms,Expand
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