We propose a new predictor - the innovation in the daily return minimum in the U.S. stock market () - for predicting international stock market returns. Using monthly data for a wide range of 17 MSCI international stock markets during the period spanning over half a century from January 1972 to...

This paper examines innovation, deregulation, and firm dynamics over the life cycle of the U.S. ATM and debit card industry. In doing so, we construct a dynamic equilibrium model to study how a major product innovation (introducing the new debit card function) interacted with banking...

We examine the relation between the presence of U.S. government as a major customer and a supplier firm's loan contract terms, using major corporate customers as a benchmark. We find that firms with major government customers are associated with a lower number of covenants and a lower likelihood...