This paper shows that uncertainty can lead firms to follow a gradual internationalization process. We describe a model …

obligations and demand uncertainty. Co-investment increases total coverage only if service differentiation and/or cost savings … from joint investment, in particular due to high uncertainty, are high. Mandated access reduces incentives for co …

We examine the risk-return characteristics of a rolling portfolio investment strategy where more than six thousand … Nasdaq initial public offering (IPO) stocks are bought and held for up to five years. The average long-run portfolio return … constructed ‘low minus high’ (LMH) stock turnover portfolio as a liquidity risk factor. The LMH factor produces significant betas …

This paper analyzes the asset pricing implications of commonly-used portfolio management contracts linking the … compensation of fund managers to the excess return of the managed portfolio over a benchmark portfolio. The contract parameters …

portfolio in face of real and nominal risk. Current account deficits are financed by net capital flows which reflect … assets. This ensures stability of the world wealth distribution. An attractive feature of the model is that portfolio shares …