are more affected by higher industry-wide expenditure volatility than the least productive exporters. We rationalize these … regularities by developing a new firmbased trade model wherein managers are risk averse. Higher volatility induces the reallocation …

This paper proposes an explanation of the shifts in the volatility of exchange rate returns that relies on standard … may lead agents to focus excessively on a subset of fundamental variables. As a result, exchange rate volatility is mainly … determined by the dynamics of this subset of fundamentals. As agents switch between models the nominal exchange rate volatility …

This study examines the impact of investors' buy and sell trades on Korean stock market volatility across two crisis … on volatility that depends on the type of investor trading and on the phase of the business cycle. Buy orders appear to … be more informative than sell orders since they mostly lower volatility in the pre-crisis periods, while sell and post …

prices react more to news in downturns than in upturns, implying higher volatility in downturns and negatively skewed returns …