We consider a dynamic allocation problem under alternative insurance and capital market regimes and proper risk aversion separate from intertemporal substitution. We apply the model to study the effect of one-size-fits-all transfers. We find that one-size-fits-all transfers can have different...

This paper tests the main hypothesis that firms that cross-list have higher valuations, and provides evidence on the valuation effect of cross-listing on a major non-US market, the UK compared to the US market. We find evidence that there is a cross-listing premium in both markets. However, the...

This paper presents empirical evidence on the effects of the Sarbanes-Oxley Act of 2002 on the value of firms and on the cross-listing choice of firms destined to three major markets in North America, Asia and Europe. We use dynamic panel data methods and treatment effects methods to find that...

We ask whether ex-post inefficiencies consistent with ex-ante efficiency in consumption and labor allocations are compatible with substantive movements in asset allocation. The answer we obtain depends crucially on the market regime relative to unemployment insurance. If there are complete...

Stochastic models with economy-wide shocks imply that the welfare costs of aggregate volatility are negligible and contribute little to explaining the equity premium puzzle. Motivated by this failure, this paper introduces idiosyncratic shocks. Drawing on empirical evidence suggesting that the...

This paper tests the main hypothesis that firms that cross-list have higher valuations, and provides evidence on the valuation effect of cross-listing on a major non-US market, the UK compared to the US market from source countries in the Asia-Pacific region in 2003-2004. We find evidence that...