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returns following positive factor returns. Currency momentum longs the factors following positive factor returns and shorts … them following losses. Factor momentum not only outperforms currency momentum but also explains it, whereas idiosyncratic … returns do not contain or explain momentum. Further evidence shows that factor momentum is inconsistent with the time …
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This paper uses a large cross-country survey of business firms to assess their influence on government policies. It is found that influence is associated with larger, government-owned firms that have a high degree of ownership concentration. In contrast, foreign ownership matters little. It is...
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