This article retracts the following:

Adriano A. Rampini, S. Viswanathan, Guillaume Vuillemey

https://doi.org/10.1111/jofi.12868

First published: 12 December 2019

The authors hereby retract the above article, published in print in the April 2020 issue of The Journal of Finance. A replication study11 Guest, P.M., 2021, Risk management in financial institutions: A replication, Journal of Finance, forthcoming. finds that the replication code provided in the supplementary information section of the article does not reproduce some of the central findings reported in the article. Upon reexamination of the work, the authors confirmed that the replication code does not fully reproduce the published results and were unable to provide revised code that does. Therefore, the authors conclude that the published results are not reliable and that the responsible course of action is to retract the article and return the Brattle Group Distinguished Paper Prize that the article received. The authors deeply regret the damage this caused to the journal and the scholarly community. The specific contributions of the authors to the article were as follows: the first and second author provided the theoretical hypothesis; all three authors jointly designed the empirical approach and identification strategy; the third author constructed and handled the data, implemented the empirical analysis, and provided the empirical results as well as the replication data and code. The third author states that the original data and code that produced the published results were lost. The first and second author were not notified of the loss of the original data and code at the time it occurred and had no prior knowledge of the issues with the replication data and code provided to the journal.

本文收回以下内容：

Adriano A. Rampini、S. Viswanathan、纪尧姆·维勒梅

https://doi.org/10.1111/jofi.12868

首次发布：2019 年 12 月 12 日

作者在此撤回上述文章，该文章发表在 2020 年 4 月的《金融杂志》上。重复研究11来宾，PM，2021 年，金融机构的风险管理：复制，《金融杂志》，即将出版。发现文章补充信息部分提供的复制代码并未重现文章中报告的一些核心发现。在重新检查工作后，作者确认复制代码并不能完全复制已发表的结果，并且无法提供可以复制的修订代码。因此，作者得出结论，发表的结果不可靠，负责任的做法是撤回该文章并退还Brattle Group 杰出论文奖文章收到。作者对这给期刊和学术界造成的损害深感遗憾。作者对文章的具体贡献如下：第一作者和第二作者提供了理论假设；三位作者共同设计了实证方法和识别策略；第三作者构建和处理数据，实施实证分析，并提供实证结果以及复制数据和代码。第三位作者表示，产生已发表结果的原始数据和代码已丢失。第一作者和第二作者在发生原始数据和代码丢失时并未收到通知，并且事先不知道提供给期刊的复制数据和代码的问题。