In the run-up to the ex-dividend day a measure based on option implied dividends predicts ex-day abnormal stock returns. These expected ex-dividend day returns increase on stocks where it is less worthwhile to capture the dividend, stocks that are less liquid, stocks with high idiosyncratic...

We analyze portfolios constructed from the principal eigenvector of the equity re- turns’ correlation matrix and compare these portfolios with the capitalization weighted market portfolio. It is well known empirically that principal eigenportfolios are a good proxy for the market portfolio. We...

Grand strategic assessments focusing only on the narrow constituents of realism – material power, changes in its distribution, and external threat – are radically incomplete and do not account for what nations actually do. Grand strategy is public policy and reflects a nation's mechanisms...

In 1997-98 Thailand, Korea, and Indonesia were attacked by international financial interests convinced that the countries were not running their economies properly. The trio had borrowed heavily in hard currency, and were unable to repay their debts, at least in the short term. Money flowed out...

This paper argues that economics sanctions, whether positive or negative, require market power on the part of the sanctioning state(s) and entail distributional consequences. As a result, sanctions result in the growth of state power and the monitoring and punishing of one's own allies and...

Current economic and political developments spotlight the relationship between domestic and global governance and the impact of globalization on both. A key question is whether a sovereign state system, democratic governments, and an integrated global marketplace can coexist. The paper assesses...