Michelacci, Claudio; Schivardi, Fabiano - Dipartimento di Economia e Finanza (DEF), Libera … - 2010
economies with lower risk diversification opportunities. In accordance with this prediction, we find that OECD countries with … low levels of risk diversification opportunities (as measured by the relevance of family firms or of widely held companies … idiosyncratic volatility. Given that volatility is endogenous with respect to risk diversification opportunities, we instrument its …