Economic Crisis and the Integration of Law and Finance : the Impact of Volatility Spikes

@inproceedings{Fox2016EconomicCA,
  title={Economic Crisis and the Integration of Law and Finance : the Impact of Volatility Spikes},
  author={Edward G. Fox and Merritt B. Fox and Ronald J. Gilson},
  year={2016}
}
The 2008 financial crisis raised puzzles important for understanding how the capital market prices common stocks and in turn, for the intersection between law and finance. During the crisis, there was a dramatic five-fold spike, across all industries, in “idiosyncratic risk”—the volatility of individual-firm share prices after adjustment for movements in the market as a whole. This phenomenon is not limited to the most recent financial crisis. This Article uses an empirical review to show that… CONTINUE READING
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