Electronic sharing markets are contributing to a paradigm shift, from consuming products to accessing products. This paper studies the effects of sharing markets on the prices for new products and on product design in terms of durability. In a dynamic economy with overlapping generations,...

This paper explores the implications of consumption heterogeneity between domestic and foreign investors on the cross-section of stock returns in a host country. We argue that foreign investors in a small open economy integrated into global financial markets may face consumption risk, which...

We study the stock market reaction to announcements of global green vehicle innovation over a 14-year time span (1996 to 2009) using the event study methodology. We document that the stock market generally reacts positively to automakers' announcements of environmental innovations, consistent...