Any choice of a state for a cross-border insolvency regime involves a trade-off between increased cross-border economic activity and application of less-preferred substantive insolvency law. A state may be relatively more dependent (‘dependent state') on the economy of another, less dependent,...

As past research suggest, currency exposure risk is a main source of overall risk of international diversified portfolios. Thus, controlling the currency risk is an important instrument for controlling and improving investment performance of international investments. This study examines the...