We report evidence that the relation between the financial sector share, private savings and growth in the United … between financial development and growth evolves in a stepwise fashion. Theoretical models where financial market extensions …

Oil is perceived as a good diversification tool for stock markets. To fully understand this potential, we propose a new … to competing models. Employing a recently proposed conditional diversification benefits measure that considers higher …-order moments and nonlinear dependence from tail events, we document decreasing benefits from diversification over the past ten …

Recent studies show that volatility-managed equity portfolios realize higher Sharpe ratios than portfolios with a … volatility targeting on the Sharpe ratio is negligible. However, the impact of volatility targeting goes beyond the Sharpe ratio …-tail” events tend to be less severe, as they typically occur at times of elevated volatility, when a target-volatility portfolio …

inward FDI contributes to economic volatility in the host country. In this paper, we investigate the FDI-output growth …While existing literature points to a positive impact of FDI on host countries’ growth, little is known about how … volatility nexus focusing on manufacturing sectors of OECD countries over the period 1990 to 2015. We document a positive and …

conclude that financing growth and investment out of foreign savings, while not impossible, is risky. …