Recent work on complex adaptive systems for modeling financialmarkets is surveyed. Financia1 markets areviewed as evolutionary systems between different, competing tradingstrategies. Agents are boundedly rational inthe sense that they tend to follow strategies that have performedwell, according...

Common measures of cultural attitudes, such as those constructed from the World Values Survey, are characterized by substantial within-country volatility. This volatility is at odds with the notion of culture adopted in economics: a set of slow-moving traits that determine preferences and...

Common measures of cultural attitudes, such as those constructed from the World Values Survey, are characterized by substantial within-country volatility. This volatility is at odds with the notion of culture adopted in economics: a set of slow-moving traits that determine preferences and...

We proxy for board members' opinions and values using directors' ancestral origins and show that diversity has costs and benefits, which lead to high performance volatility. Consistent with the idea that diverse groups experiment more, firms with ancestrally diverse boards have more numerous and...