Although real integration conceptually plays an important role for the comovement of international equity markets, documenting this link empirically has proven challenging. We construct a new dataset of theory-guided, relevant measures of bilateral trade in final and intermediate goods and...

This paper studies the role of cross-border supply-chains for international financial contagion. Following large country-level shocks abroad, such as country-index return jumps and natural disasters, the dynamic conditional correlation (DCC) of stock returns between U.S. suppliers and their...

We document large cross-sectional variation in the speed of information diffusion between U.S. suppliers and their international principal customers. Based on the rigorous and comprehensive framework of risks in emerging markets from Karolyi (2015), we find that market operating efficiency is...