The chapters in this dissertation study the incidence of risk, risk taking, and the role of markets used to trade risk, with a focus on interest-rate risk. In Chapter 1, I ask why bank-dependent firms bear interest-rate risk. I argue that the short-term nature of banks’ own financing drives the extent to which bank-dependent firms bear interest-rate risk. In Chapter 2, I examine the implications of life insurers’ risk taking for theories of why financial institutions take risk. In Chapter 3, I argue that reference rates mitigate contractual incompleteness and facilitate risk sharing. / Economics
| Identifer | oai:union.ndltd.org:harvard.edu/oai:dash.harvard.edu:1/33493438 |
| Date | 25 July 2017 |
| Creators | Kirti, Divya |
| Contributors | Stein, Jeremy, Scharfstein, David, Campbell, John, Hart, Oliver, Sunderam, Adi |
| Publisher | Harvard University |
| Source Sets | Harvard University |
| Language | English |
| Detected Language | English |
| Type | Thesis or Dissertation, text |
| Format | application/pdf |
| Rights | open |
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