Deregulation and Risk
研究了金融市场放松管制如何影响风险，发现放松管制后证券风险增加是暂时的且主要是非系统性风险，对理解监管政策与风险感知有帮助。
The recent market turmoil has brought attention to how deregulation of the financial sector may affect risk. The purpose of our study is to examine the market's perception of risk associated with deregulation. We accomplish this by decomposing security risk around deregulation into systematic and unsystematic risk. We examine deregulation of several industries and find a consistent pattern of risk adjustment to deregulation, whereby the increase in security risk is temporary and largely unsystematic .