home bias in goods and financial markets, what can account for the remarkable global business cycle synchronicity during …

domestic equity market to be several hundred basis points higher than returns in other markets. This lack of diversification …

important. In particular, in an analysis of nineteen global equity markets from the early 1990s to the present, we find striking …

quality and liquidity in international equity markets, but mainly a flight-to-quality in the US corporate bond market …. Emerging markets, endowment funds, and hedge funds all perform poorly during FTS, while hedge funds appear to vary their …

. These results are robust across multiple time periods, international equity markets, and other asset classes …

transparent countries. On the other hand, herding among funds tends to be more prevalent in less transparent countries. There is …

informed traders also know. There can be multiple herding equilibria, and herding speculators may even choose to study …

financial markets are more complex. Yet, the two events share several features, and I analyze why people crowd into theaters and …

to evaluate these risks within China's unique economic and financial systems, in which the state and non-state sectors …Motivated by growing concerns about the risks and instability of China's financial system, this article reviews several … commonly perceived financial risks and discusses their roots in China's politico-economic institutions. We emphasize the need …