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 …

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 …

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 …

. 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 …

shows how several ways in which the actual world of international lending departs from these conditions give both lenders … and borrowers ample reason to care whether nonperforming debts are restructured. One implication of the way in which debt … argument is moral hazard, but (unlike in much of the recent literature of emerging market debt problems) what is central here …

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 …