Investors diversify their portfolios to boost returns and manage risk. However, the benefits of diversifying across geographic regions are reduced if markets are highly correlated. This paper examines trends over the past two decades and finds, as expected from global market integration, that...

In this paper, we apply a novel analytical technique—k-means clustering—to understand the relationship between the growth of firms and the availability of power in sub-Saharan Africa. We develop a classification of firms and show how firm clusters are distributed across industries and...

Introduction -- The complexities and uncertainties of development -- The domestic context -- History and the legacy of colonialism -- Big men, personal rule and patronage politics -- Violent conflict and civil war -- Political change and democratization -- Core development questions -- Africa's...

The complexities of African development -- Part 1: Historical and political context -- The colonial legacy -- Big men, personal rule, and patronage politics -- Party systems and democratic trajectories -- Conflict, war, and state fragility -- Part 2: Core development questions -- Growth and...

Sub-Saharan Africa, the poorest and least integrated region of the world, now has fifteen stock markets. Adventure Capitalism examines the economic and political forces behind this trend and discusses the potential consequences of financial market integration for developing countries. Using a...