Purpose – Viewing business groups as institutionally embedded agents, the purpose of this paper is to theoretically addresses the distinctions between institutional embeddedness renewal and overembeddedness, and empirically analyzes the proposed effecting mechanisms in the context of China....

We extend and test two models of asset pricing that feature status-seeking through accumulation of not only financial and real assets but also human capital. We use weak-identification robust tests to confront these models with U.S. aggregate data. Contrary to previous results, we find that the...

Long-term portfolio management is an important issue in modern finance and practice. We have analysed various known continuous-time strategies in portfolio management, with a focus on bankruptcy probabilities under these strategies. We show that, for each strategy, there is a threshold in the...