This study documents a significant inverse relationship between grievance rates and productivity. It is argued in the …

In this paper we: (1) estimate the effects of international R&D spillovers on total factor productivity growth of the …

domestic shares under full diversification. When stock-market data are directly used, the predicted coefficient of home bias …

equity further improve diversification and raise the entrepreneur's valuation of the firm. Finally, entrepreneurial risk … by a generalized tradeoff model where leverage via risky non-recourse debt provides significant diversification benefits …. More risk-averse entrepreneurs default earlier, but also choose higher leverage, even though leverage makes his equity more …

operated. using plant-level Census Bureau data, we show that productivity is inversely related to the degree of diversification …, the lower the productivity of its plants. Hence de-diversification is one of the means by which recent takeovers have … diversification declined significantly during the second half of the decade. The mean number of industries in which firms operated …

In this article, we examine the effect of the imperfect mobility of goods on international risk sharing and, through … is not monotonic with respect to investors' risk aversion and the aggregate volatility of output growth. Our main result …

importance of the two mechanisms (sectoral specialization and cross-country diversification) and provide a new answer to the …

. First, the introduction of the Euro currency unit greatly reduces the complexity of including foreign exchange risk in asset … currency risk factors. Second, when combining the currency factors with a group of economic factors, we measure the incremental … explanatory power over and above a model that includes economic risk factors …

International risk-sharing has far-reaching implications both for economic policy and for basic research in economics …. When countries do not share risk, individuals in those countries experience fluctuations in their consumption levels that … are undesirable and possibly unnecessary. This paper extends and refines the study of international risk-sharing in two …