We examine the effect of information asymmetry on equity prices in the local A- and foreign Bshare market in China. We construct measures of information asymmetry based on market microstructure models, and find that they explain a significant portion of cross-sectional variation in B-share...

The main approach of this study of globalisation is historical. We look at three periods in world history when the most promising and enduring civilisation was overtaken by the less promising one. A simple model is proposed to make sense out of the tremendous shift. Subsequently we use the...