In the current era of intensifying competition and globalization, two increasingly important management issues are how to ensure timely responses to threats and opportunities, and whether management practices need to be modified for application in diverse national settings. This study...

This paper examines the relation between expected stock returns and their conditional volatility over different holding periods and across different states of the economy. Seminonparametric density estimation and Monte Carlo integration are used to obtain the expected returns and conditional...

Chapter 1: Consumption, Production and Entrepreneurship in the Time of Coronavirus -- Part 1: Consumption in the Time of Coronavirus -- Chapter 2: Rationing during COVID-19: Is an ‘equal share’ always fair? -- Chapter 3: The new consumer: a typology of consumer reactions to the COVID-19...

We document that capital markets penalize corporate multinationality by putting a lower value on the equity of multinational corporations than on otherwise similar domestic corporations. Using Tobin's q, the multinational discount is estimated to be in the range of 8.6% to 17.1%. The most...

This paper develops and tests a recursive model of debt issuance and rating migration. We examine a signaling game with firms who have private information about their probability distribution of future rating migration. A key assumption of the model is that rating agencies reveal information...

This paper describes a feedback effect between real and financial development. The paper presents a new variable, which we call the cost of financial intermediation, through which the feedback between finance and growth operates. The theoretical part of the paper describes how specialization of...

Are all financial time-series alike? This work raises that question by establishing that 18th and 20th century equity market time series behave similarly. The distribution of price changes now and then both exhibit the same patterns or regularities. In particular, the distribution of price...

Are all financial time series alike? This article raises that question by establishing that eighteenth- and twentieth-century equity-market time series behave similarly. The distribution of price changes now and then both exhibit the same patterns or regularities. In particular, the distribution...