... C52 D81 G21 L25 In this paper, we examine how banks evolve and adapt to a rapidly changing business environment through diversification. We also investigate how the heterogeneity of banking systems across economies affects their diversification decisions and analyze how a bank’s...

...-in-mean VAR D81 E37 G12 The current literature on intermediary based asset pricing models assumes that intermediaries are the marginal price maker in different asset classes. This literature has two branches. The first branch argues that the marginal utility of the intermediaries is high...

...@ueh.edu.vn 04 07 2019 28 10 2019 22 01 2020 10 04 2020 © Emerald Publishing Limited 2020 Emerald Publishing Limited Licensed re-use rights only Stock returns Macroeconomic uncertainty Economic policy uncertainty Financial market D53 D81 G15 G41...

... rights only Unobserved heterogeneity Household finance Behavioural finance Labour income risk Risky asset market participation D14 D81 G11 The way in which households invest their earnings during their working life largely determines their welfare over the life cycle. Therefore...