I attempt to address an important issue of the portfolio allocation literature -- none of the allocation rules developed in prior literature seems to consistently deliver good performance across different asset samples. For this purpose, I develop an approach that aggregates information from...

In this study, we investigate the role of national culture in firms' choice between bank debt and public debt. We postulate that culture influences corporate debt choice through five channels. Using a new international dataset on debt structure and a large sample of firms from 30 countries, we...