Haku

A parsimonious extension of a well-known portfolio credit-risk model allows us to study a salient stylized fact – abrupt switches between high- and low-loss phases– from a risk-management perspective. As uncertainty about ...

Extending a standard credit-risk model illustrates that a single factor can drive both expected losses and the extent to which they may be exceeded in extreme scenarios, ie “unexpected losses.” This leads us to develop a ...

The commercial real estate (CRE) market is an important source of financial stability risks, yet ownership structures remain opaque. This paper uses comprehensive Finnish register data to construct firm-level ownership ...