This paper investigates the dynamic relation between market-wide trading activity and returns in 46 markets. Many stock markets exhibit a strong positive relation between turnover and past returns. These findings stand up in the face of various controls for volatility, alternative definitions...

In a model that is consistent with the existence of a home bias and with foreign investors that are less informed than domestic investors, we show that unexpectedly high worldwide returns lead to net equity inflows into small countries. In addition, a small country experiences net equity inflows...

It is widely accepted that, for some industries, competition across countries isquot; economically important and that this competition is strongly affected by exchange rate changes.quot; This paper explores the validity of this view using weekly stock return data on 320 industry pairsquot; in...