The exponential growth of China's stock markets in the past decade has attracted global attention from academics and practitioners. The practitioner's interest in Chinese markets stems from corporations; investors and financial institutions foresee substantial benefits from investing in China in...

Using equipment-level data from aerospace plants that closed during the 1990s, this paper studies the process of moving installed physical capital to a new use. The analysis yields three results that suggest significant sectoral specificity of physical capital and substantial costs of...

The economic influence of barriers to international information acquisition and, hence, of informational segmentation in international capital markets depends heavily upon the prevailing level of risk aversion. We find that these barriers are likely to have second order economic impact only....