option-like payoffs of past losers. An implementable dynamic momentum strategy based on forecasts of momentum's mean and … variance approximately doubles the alpha and Sharpe Ratio of a static momentum strategy, and is not explained by other factors …

We examine the effect of negative nominal interest rates on bank profitability and behavior using a cross-country panel …

growth to the 1990s, discussing recent criticisms of their measurement and estimation framework. Our results suggest that the …. Third, and most importantly, we present new evidence on the time paths of economic growth, physical capital investment and … liberalization has, on average, robust positive effects on growth, openness and investment rates within countries. We illustrate …

We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby … volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and … a long-term productivity-enhancing one. Because it takes longer to complete, long-term investment has a relatively less …

. This model generates dynamic relationships between foreign capital inflows, domestic investment and domestic bank debt in … accumulation of bank debt and increasing concentration of domestic lending and investment to the anticipation of contingent …

to invest in telecommunications. Results indicate that the irreversibility premium raises the opportunity cost of capital …

We analyze contagious sovereign debt crises in financially integrated economies. Under financial integration banks … optimally diversify their holdings of sovereign debt in an effort to minimize the costs with respect to an individual country …'s sovereign debt default. While diversification generates risk diversification benefits ex ante, it also generates contagion ex …

Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang … the presence of fire sales, and how fire sales can reduce productive investment. We conclude by showing how asset fire …