We present a model in which investors observe the same macroeconomic data but have varying levels of information about the parameters that determine the distribution of the expected returns on investment. During a crisis that increases macroeconomic uncertainty and reduces asset prices, the...

We present a model in which investors observe the same macroeconomic data but have varying levels of information about the parameters that determine the distribution of the expected returns on investment. During a crisis that increases macroeconomic uncertainty and reduces asset prices, the...

The territorial state which dominated the industrial era is increasingly becoming obsolete, and is gradually being replaced by new forms of global governance (Ohmae, 1995; Strange, 1996, 1998; Rosecrance, 1999). Moreover, the pressure from global markets have blurred the ideological differences among...