Editors' Introduction to the 2023 Special Issue on Novel Risks and Sources of Volatility: Identification and Measurement Challenges for Portfolio Management.

This document is an introduction to a special issue of the Journal of Portfolio Management on novel risks and sources of volatility in portfolio management. The articles in this issue cover a range of topics, including compound tail risk, the impact of language complexity on volatility, stress testing in a world of compound risks and polycrises, the analysis of unfolding financial crises, industry winners and losers in a lower-carbon economy, the risk of sudden price adjustments for climate risk, goals-based liability indices for impact and green investing, the influence of news sources and language models on climate beta estimates, the impact of scope 3 carbon emissions on firms' cost of debt, and managing compound risks in a polycrisis world. The articles provide insights into these topics and offer valuable information for long-term portfolio managers, investors, and regulators. [Extracted from the article]