My dissertation consists of three essays on international capital flows. In the first essay, titled "Do small firms benefit more from foreign portfolio investment? Evidence from a Natural Experiment," I test whether an increase in the supply of foreign portfolio capital benefits small firms by...

This paper develops a Cournot duopoly in which a domestic firm competes with a technologically more advanced foreign-owned firm on the home market.

This paper examines the optimal consumption and investment problem for a "large" investor, whose portfolio choices affect the instantaneous expected returns on the traded assets.

The goal of this paper is to examine the impact of 1975 Congressional mandate to integrate the trading of NYSE-listed stocks.

This paper uses a multi-asset framework to investigate the ramifications of transaction costs on international portfolio allocations. I employ numerical simulation techniques to study the evolution of an international portfolio and the behavior of net equity purchases, and compare the model's...

This paper examines legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries. The results show that common law countries generally have the best, and French civil law countries the worst, legal...

This paper reviews the behavior of stock prices in relation to consumption. The paper lists some important stylized facts that characterize US data, and relates them to recent developments in equilibrium asset pricing theory. Data from other countries are examined to see which features of the US...