Recent applications of extreme bound analysis (EBA) to stock market anomalies suggest that few variables are robust. This article extends this research and examines emerging and developed markets simultaneously. Among 15 purported anomalies, six variables – short-run lagged returns, momentum,...

Do institutions help explain macroeconomic performance? This article addresses two issues. First, especially given the practical implications of the literature, measurement of institutions should avoid tautologies, and therefore this study uses econometrics to estimate the effect of objectively...

This review examines the empirical literature on financial flows and economic performance, with particular respect to foreign direct investment (FDI), foreign portfolio investment (FPI), and foreign bank lending (FBL). Few studies report unequivocal positive statistical relations between flows...