The 2003 Northeast Blackout revealed vulnerabilities within the US electric power-grid system. With the economy so dependent on electric power for most aspects of life, a power-grid failure can have far-reaching higher-order effects and can impair the operability of other critical...

We investigate determinants of international diversification in institutionally managed portfolios from more than 60 countries. Survey-based country-specific variables on cross-cultural behaviors help to explain both home bias and diversification among foreign equities. In particular, investment...