We analyze the link between creditor rights and firms' investment policies, proposing that stronger creditor rights in bankruptcy reduce corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying...

We apply the theoretical framework of Llorente, Michaely, Saar, and Wang (2002) to analyze the relation between daily volume and first-order return autocorrelation for individual stocks in emerging markets.(...)