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 …

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 …

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

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 …

We estimate channels of international risk sharing between European Monetary Union (EMU), European Union, and other … OECD countries 1992-2007. We focus on risk sharing through savings, factor income flows, and capital gains. Risk sharing … through factor income and capital gains was close to zero before 1999 but has increased since then. Risk sharing from capital …

growth and real exchange rate changes, a key measure of international risk-sharing …

This paper documents that carry traders are subject to crash risk: i.e. exchange rate movements between high … carry trades, which tend to occur in periods in which risk appetite and funding liquidity decrease. Funding liquidity …-trade losses reduce future crash risk, but increase the price of crash risk. We also document excess co-movement among currencies …