Secondary market stock returns of newly public firms with high levels of institutional investment exceed returns of firms with low institutional investment (Field and Lowry, 2009). We find that a material portion of this performance differential is attributable to institutional investment in...

We investigate determinants of foreign ownership in newly privatized firms. We analyze data on privatized Czech firms to address two related general questions. First, what characteristics distinguish transition firms that attract a foreign investor? Second, how do firm-specific characteristics...

Growth in capital expenditures conditions subsequent classification of firms to portfolios based on size and book-to-market ratios, as in the widely used <link rid="b19 b20">Fama and French (1992, 1993)</link> methods. Growth in capital expenditures also explains returns to portfolios and the cross section of future stock...

The 2003 Northeast Blackout revealed vulnerabilities within the US electric power-grid system. With the economy so dependent on electric power for most aspects of life, a power-grid failure can have far-reaching higher-order effects and can impair the operability of other critical...

We investigate determinants of international diversification in institutionally managed portfolios from more than 60 countries. Survey-based country-specific variables on cross-cultural behaviors help to explain both home bias and diversification among foreign equities. In particular, investment...