This paper investigates the state of low investment in Afghanistan by studying how investment decisions interact with risks and uncertainty in the presence of underdeveloped financial markets. The analysis shows that investing firms experience a higher probability of being affected by events...

A large literature documents the positive influence of a city's skill structure on its rate of economic growth. By contrast, the effect of a city's age structure on its economic growth has been a hitherto largely neglected area of research. This paper hypothesizes that cities with more...