Ongoing international financial integration has greatly increased foreign asset holdings across countries, enhancing … claims to firm profits in a production economy. For a given level of international financial integration (measured by the … goods, and the persistence of shocks. Finally, moving from less to more international financial integration, risk sharing …

and the National Bureau of Economic Research (NBER), reviews and comments on the state of corporate governance research … governance project. Each of the papers represents state-of-the-art research in an important area of corporate governance research …

Intelligently allocating research effort and funds requires deciding whether to build on recent advances or on more … established knowledge. When recent advances create superior opportunities for invention, their adoption as research inputs in the … invention process promotes technological progress. The gains from pursuing such innovative research paths may, however, be very …

We develop a model of induced innovation where research effort is a function of the death rate, and thus the potential … predictions. First, initial death rates and subsequent research effort should be positively correlated. Second, research effort …