We study empirically the effect of focus (specialization) versus diversification on the return and the risk of banks … loan diversification produces an inefficient risk–return trade-off only for high-risk banks. Geographical diversification …) focus and diversification using a unique data set that is able to identify individual bank loan exposures to different …

financial development has important consequences for the efficiency and specialization (or diversification) of investments, in a …

We propose that stronger creditor rights in bankruptcy reduce corporate risk-taking. Employing country-level data, we … rights companies’ operating risk is lower, and acquirers with low-recovery assets prefer targets with high-recovery assets …-cost effect. Our results suggest that there might be a "dark" side to strong creditor rights in that they can induce costly risk …

that financial development has important consequences for efficiency and specialization (or diversification) of investments …

distribution costs in the export market, high and low productivity firms react differently to a depreciation . Whereas high … productivity firms optimally raise their markup rather than the volume they export, low productivity firms choose the opposite … aggregate impact of exchange rate movements. The presence of fixed costs to export means that only high productivity firms can …

This paper analyses the welfare implications of international spillovers related to productivity gains, changes in …-equilibrium model with monopolistic competition, drawing a distinction between productivity gains that enhance manufacturing efficiency …

This paper analyzes empirically the effect of spatial agglomeration of activities on the productivity of firms using … location choice: we find very little difference between the geography that would maximize productivity gains and the geography …