In the majority economic areas of the world, family businesses are the overwhelming majority, it is certain in the case of small and medium-sized businesses. Large family companies - in opposition to common opinion - are not the economy margin. It is other way round, they are not directly...

We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...

This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor...