This paper examines the effect of global diversification on firm value using a dataset of U.S. firms from 1994-2002. We document that global diversification enhances firm value. Specifically, we find Tobin's q, our proxy for firm value increases with foreign sales (measured as a fraction of the...

In the period 1993 through 2002 examined in this study, quoted and effective spreads declined substantially on Nasdaq and to a lesser degree on the NYSE. At the same time, however, trades outside the quotes increased dramatically on Nasdaq. Because investors would prefer to trade at the quotes...

We employ a new data set from Suriname to estimate private and social returns to technical, vocational and two tracks of general education (mathematics and language). Return estimates are based on gender-specific wage equations, corrected for sample selection bias and adjusted for unemployment....