We document that 20% of Compustat firms have above-median investment rates despite having below-median marginal product of capital (MPK), seemingly "misallocating" productive resources. These firms are typically younger and significantly more likely to experience a substantial upward jump in...

Cuba opens a door to the world: the United States engages -- The old Cuban economy and Raul Castro's efforts to fix it -- Dancing with many partners: good balance, poor execution -- Opening to foreign investment: new portfolio opportunities -- Joint ventures in Cuba: seven case studies --...

The recent phenomenon of rising outward foreign direct investment (OFDI) flows has raised serious policy concerns about its effects on the domestic investment and capital formation in the countries of origin of such FDI flows. Does OFDI stimulate domestic investment or does it crowd it out? The...