This paper investigates the relation between uncertainty and stock index returns for 15 countries. An innovation is to use macro-uncertainty at both the country and global level. Our results suggest that country-specific GDP uncertainty, but not global GDP uncertainty is positively correlated...

In this article, we examine whether internal governance, the process through which subordinate managers effectively monitor the chief executive officer (CEO), can improve a firm's liquidity. Using the difference in horizons between a CEO and his immediate subordinates to measure internal...