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Using capital asset pricing model (CAPM) and the Z-risk index based on weekly data, this study aims to estimate yearly unsystematic, total, three systematic and insolvency risks in the Gulf Cooperation Council (GCC) countries for the period 2010–2018. The findings of CAPM show positive systematic market risk exposure in all GCC countries for all years, which support the contribution of stock markets to bank prices and returns. The mixed signs of systematic interest rate and exchange rate risks in GCC countries provide hedging opportunities, diversification strategies and regional cooperation, which help risk managers to hedge and stabilize their portfolios against interest rate and exchange rate fluctuations. Therefore, it is necessary that managers and policymakers develop a monitoring system on factors affecting bank insolvency risks to avoid bankruptcies and insolvencies.

This study uses the three-factor CAPM and Z-risk index to measure six types of risks. The CAPM uses market information to estimate the sensitivity of banks to the fluctuations of equity markets, debt markets and foreign exchange markets. Sharpe (1964), Lintner (1965) and Treynor (1965) developed a single-factor CAPM and the coefficient of the model was called systematic market risk. The single-factor CAPM highlights stock markets as the only non-diversifiable source of systematic risks, whereas Stone (1974) and Jorion (1990) highlighted interest rate and exchange rate fluctuations as the other types of non-diversifiable systematic risks. The following functional form in equation (1) estimates five types of risks using CAPM.

The findings of CAPM show positive systematic market risk exposure in all GCC countries for all years, which support the contribution of stock markets to bank prices and returns based on CAPM theory. The mixed signs of systematic interest rate and exchange rate risks in GCC countries support hedging opportunities and diversification strategies which may help risk managers to hedge and stabilize their portfolios against the fluctuations of interest rate and exchange rate. Although, this policy may decrease the profits of banking sectors but at the same time it would stabilize the portfolios and prevent bankruptcies and big losses because of the fluctuations of interest rate. Moreover, a bank has a better chance to have more liquidity position during financial crises because of the diversifications into different regional markets.

Therefore, this study contributes to the existing literature by using risk measurement by a three-factor CAPM and the Z-risk index as discussed further in methodology.

It is necessary that managers and policymakers develop a monitoring system on factors affecting bank insolvency risks to avoid bankruptcies and insolvencies.

The board structure (BS) is pivotal in modern corporate governance (CG). This study aims to investigate BS variables (BSIZE, BIND and chief executive officer [CEO] duality) and their correlation with risk-taking behavior indicators, enriching the understanding of how CG shapes financial institutions’ (FIs) decision-making in Pakistan.

By scrutinizing data from 67 financial entities listed on the Stock Exchange of Pakistan spanning from 2011 to 2022 through panel data regression techniques, the research emphasizes that BS holds a substantial influence over the risk tendencies exhibited by these firms.

Key findings suggest that board size has a positive influence, aligned with previous CG research. Smaller boards perform better and avoid excessive risk-taking, contrasting some negative relationship claims. More independent directors are recommended to curtail risk and financial disruption. Holding both CEO and chair roles reduces risk exposure, resonating with reputational and employment risk theory. It is essential to recognize that BS’s impact on risk-taking is nuanced and context-dependent.

Policymakers, scholars, practitioners and investors working in the market for financial companies might greatly benefit from the empirical findings of this study. Imposing mandates on FIs to uphold adequate capital reserves functions as a safeguard against unforeseen losses, thereby diminishing the probability of unwarranted risk-taking.

Prior studies in this domain predominantly focus on nonfinancial sectors. In addition, existing research often explores the relationship between BS and firm risk-taking solely within the banking sector, overlooking other FIs. This study contributes by using a comprehensive data set encompassing all types of FIs, thus extending the existing literature.

Financial literacy is generally seen as an important factor explaining a broader set of investment behaviors. In the context of a weak financial knowledge in France, this article focuses on the particular situation of Generation Z (individuals born after 1995) and more particularly management students likely to be involved in financial decisions in the near future.

The analysis is based on a survey conducted in the Fall of 2019, through a questionnaire distributed to 300 students enrolled in a French business school.

The results indicate that financial knowledge is poor for students who do not follow a specialized course in finance. This research also demonstrates the importance of risk behavior, showing that risk adverse students are also those with the lowest level of financial literacy.

This article contributes to the academic literature by focusing on students in France. It is the first study to examine Gen Z financial literacy and its implications. It raises awareness on the importance of financial education in the education curriculum.

Covers the reasons why planning consultants are employed and gives some indication of what and who is involved in the buying decision. Examines the risks perceived by local authority officers and details the many ways in which these officers attempt to reduce the risk of an unsatisfactory appointment. An unsatisfactory appointment may cause psycho‐social loss, financial loss and time loss to the purchasers, as well as financial, time and possible psycho‐social loss to the organization. The information is taken mainly from secondary sources and a series of 20 in‐depth interviews.

Claims that the small but steady growth in discussion in academic circles of aspects of risk taking and risk management, as they affect public services managers generally, which is observable in the UK, does not appear to be reflected so strongly in the wider international literature. Here, the direction of the debate and discussion turns much more on quasi‐constitutional issues and topics, such as “accountability” and “control”. As efforts grow to decentralize public services organizations and give public service managers more control over the day‐to‐day operational running of their organizations, a new term has entered the language of the debate ‐ that of “agility”. Suggests this appears to combine the skill of handling increased accountability for decision making with that of the upgrading of managers’ skills. Finds that risk is explored more widely in related texts, predominantly where a particular public service, such as the police, health or social services, is simultaneously viewed as a profession. Aims to explain why the international literature pointedly avoids much explicit discussion of risk, preferring to frame the issue within terms concerning levels of financial control and official accountability.

Public–private partnership (PPP) has been adopted in many areas especially within the architecture, engineering and construction research domain. However, the PPP in critical infrastructure resilience (CIR) has not received the needed attention even though it has been acclaimed to be the panacea for building infrastructure resilience. This paper aims to adopt a systematic review to proactively identify the risks factors that pertains to using PPP as a mechanism to build the resilience of critical infrastructure.

Using a systematic methodology, a total record of 51 academic publications and 5 institutional reports from reputable organizations were identified and analyzed.

The selected literature was subjected to content analysis to retrieve 46 risk factors in PPP in CIR. The outcome of the systematic revealed the topmost risks as corruption, natural and unavoidable catastrophes, wars, terrorism, sabotage, cost overrun issues, a lack of centralized mechanism for coordinating integrated actions, inconsistent government policies, inadequate supervision, high operational cost due to robust and redundant measure, lack of supporting infrastructure, lack of open and integrated communication, unstable government, political interference, lack of PPP experience and legislation change. A conceptual framework was developed by grouping the identified risks under 13 categories.

The outcome of this study will be a guide for decision makers and stakeholders with the responsibility of building the resilience of critical infrastructure.

The study contributes to CIR research area by providing an in-depth knowledge on risks that are inherent in PPP in CIR.

The purpose of this paper is to investigate changes in the commercial real estate market dynamics as a function of and conditional to the shifts in market state-space environment that can influence agent responses.

The analytical design uses a comparative computational experiment to address the performance of property assets in the current market based on comparison with prior structural patterns. The latent variables developed across market sectors are used to test agent behavior contingent on the perspectives of capital asset pricing conditionals (CAPM) and a behavioral momentum/herd construct. The state-space momentum analysis can assist the comparative analysis of current levels and shifts in property asset performance given the issues that have arisen with the financial crisis of 2007-2009.

An analytic approach is employed framed by a situation-dependent model. This frame considers risk profiles characterizing the perspectives and preferences guiding a delineated market state. This perspective is concerned with the possibility of shifts in market momentum and representativeness conditioning investor expectations. It is observed that the current market (post-crisis) has changed significantly from the prior operations (despite the diversity observed in prior market states). The dynamics of initial findings required an additional test anchored to the performance of the general capital market and the real economy across time. This context supports the use of a modified CAPM model allowing the consideration of opportunity cost in a space-time dynamic anchored with the consideration of equity, debt, riskless asset and liquidity options as they varied for the representative agents operating per market state.

This paper integrates neoclassical and behavioral economic constructs. Combines asset pricing with prospect theory and allows the calculation of endogenous time-preferences, risk attitudes and formulation and testing of hyperbolic discounting functions.

The research shows that market structure and agent behavior since the financial crisis has changed from the investment and valuation perspectives operating as observed and measured from 1970 up to 2007. In contradiction to the long-term findings of Reinhart and Rogoff (2008), but in compliance with common perspectives and decision heuristics often employed by investors, this time things have changed! Discounting and expected rates of return are dynamic and are hyperbolic and not constant. Returns and investment for property assets are situational (market state-space specific) and offer a distinct asset class, not appropriately estimated by many of the traditional financial models.

Assist in supporting insights to measure in errors and equations that result in inefficient resource allocation and beta discounting that supports the financial crisis created by assets subject to long-term decision needs (delta function).

The paper offers a combination and comparison of neoclassic asset pricing using a modified CAPM (two-pass) approach within the structural frame of Kahneman and Tversky’s (1979) prospect theory. This technique allows the consideration of the effects of present bias, beta-delta functions and the operation of the Allais Paradox in market states that are characterized by gains and losses and thus risk aversion and risk seeking behavior. This ability for differentiation allows for the development of endogenous time-preferences and hyperbolic discounting factors characteristic of commercial property investment.

Public managers throughout the world work in an unforgiving environment in which to take risks. Managers face varying pressures from a range of informed publics to ensure that risks to them are minimized or eliminated; while many are simultaneously subject to criticism, via private practice models, that they are too risk‐averse. Concurrently, leadership from public managers is sought in drives to ensure quality in public services. Risk and quality appear strongly inter‐linked, although managerial discussion of their interrelationship seems relatively rare, at least within the public domain. Links these two concepts, as they are experienced by public managers, through two pilot case studies of managerial practice in the UK, based in probation and health services. Gives consideration in each study to the contribution of understanding and managing risk as a core element in improving public services quality. The theoretical underpinnings of the research are drawn primarily from the literature on strategic management and risk‐taking in public services.