primarily from convergence in the volatility of state output growth, rather than in its average. The realized industry shares of … that financial development has important consequences for efficiency and specialization (or diversification) of investments …

volatility into these four sources, quantify their contribution to aggregate volatility, and study how they relate to the stage …, and slowly increases at later stages of development. Third, the volatility of country- specific macroeconomic shocks falls … with the level of development. We argue that many theories linking volatility and development are not consistent with these …

volatility of state output growth, rather than in its average. The realized industry shares of output also converge faster to … financial development has important consequences for the efficiency and specialization (or diversification) of investments, in a …

the index stock volatilities and aggregate stock market volatility, and give rise to countercyclical Sharpe ratios. Trades …

whether to take the firm public. In this decision, the entrepreneur trades off diversification benefits of going public …

In this Paper we show that the main empirical findings about firm diversification and performance are actually … consistent with the optimal behavior of a firm that maximizes shareholder value. In our model, diversification allows a firm to … allows us to examine several aspects of the relationship between firm diversification and performance in a very general …

contracts are relatively difficult to enforce. International diversification can thus yield substantial gains, but they may …