Limited stock market participation can potentially explain the disconnect between international asset prices and macro quantities. An incomplete markets model in which risk sharing for stockholders is high, generates highly correlated equity returns and relatively smooth exchange rates. Risk...

Outlines the role of directors and previous research on their selection, reputation, relationship to firm performance and multiple directorships, noting criticism of those who sit on many boards. Develops hypothese on the value directors provide through their time and expertise and tests them on...