Emerging market currencies tend to jump together, thus intensifying short-term risk, whereas developed market currency jumps and cojumps are much less prevalent. Emerging market currency jumps are considerably more severe, especially during crisis periods. Jumps represent a majority of emerging...

This authoritative Handbook provides a thorough account and analysis of the important issues relating to the globalization of the international economy.

This paper provides a method for testing for regime differences when regimes are long-lasting. Standard testing procedures are generally inappropriate because regime persistence causes a spurious regression problem - a problem that has led to incorrect inference in a broad range of studies...

This study examines the underlying factors which influence and cross-sectionally explain differences in the degree of dividend smoothing of firms. Differences in corporate dividend smoothing are documented by estimating the sensitivity of corporations' dividend payout ratios to changes in...