One of the main reasons that investment advisors recommend international investments is that foreign stocks are not highly correlated with U.S. stocks. As world

Utilizing approximately 51,000 sample firms from developed markets over 1995-2014, we document a stark heterogeneity in global integration at the firm-level and

This paper investigates the impact of globalization and integration on the relative benefits of country and industry diversification. Unlike previous models, ou

This paper investigates the impact of globalization and integration on the relative benefits of country and industry diversification. Unlike previous models, ou

The paper provides a general-equilibrium model where incomplete international financial markets lead to insufficient industrial specialization and low internati