Acharya, Viral V; Imbs, Jean; Sturgess, Jason - C.E.P.R. Discussion Papers - 2007
to finance. We find that convergence is faster - in terms of distance to the efficient frontier and improving Sharpe … primarily from convergence in the volatility of state output growth, rather than in its average. The realized industry shares of … characterized by young, small and external finance dependent firms. Convergence is also faster for states that have a larger share …