In this paper, we introduce the role of Multinational Production (MP) in cross-country risk sharing. We present a two-country, two-sector model with complete financial markets, and country-specific productivity shocks to the tradable sector. Firms can do MP by opening affiliates abroad which bear the productivity shock to the host country. By treating MP simultaneously as a portfolio and produc...

In the last decade we have seen a significant change in the composition of capital flows to developed as well as to developing countries. In this paper we investigate empirically the links between the volatility of monetary macroeconomic aggregates, as a measure of country specific measure of relative risk, and the structure of external liabilities in developed and developing countries. We esti...

The recent global financial crisis demonstrates that market liquidity is a prominent systematic risk globally. We find that local liquidity risk, in addition to the local market, value and size factors, demands a systematic premium across stocks in 11 developed markets. This local pricing premium is smaller in countries where the country-level corporate boards are more effective and where there...

for the RIVUR Trial Investigators Since publication of their article, the authors report no further potential conflict of interest. 1. Hoberman A, Keren R. Antimicrobial prophylaxis for urinary tract infection in children. N Engl J Med 2009;361:1804-6. 2. Ingelfinger JR, Stapleton FB. Antibiotic prophylaxis for vesicoureteral reflux — answers, yet questions. N Engl J Med 2014;370:2440-1. 3. Nel...

Agricultural labor productivity is key for understanding aggregate cross-country income differences. One important proximate cause of low agricultural productivity is the low use of intermediate inputs, such as fertilizers, in developing countries. This paper argues that farmers in poor countries rationally choose to use fewer intermediate inputs because it limits their exposure to large uninsu...

This paper examines the effects of managerial overconfidence on bank risk taking and investigates whether improvements in governance can help to mitigate the adverse effects of managerial overconfidence on bank risk taking by using ordinary least squares method. The sample consists of the financial institutions in G20 and Taiwan over the period of 2005-2012. The executive overconfidence is meas...

The central objective of this paper is to develop a transparent, consistent, selfcontained, and stable country risk rating system, closely approximating one of the major existing ones (Standard & Poor’s). The proposed model uses economic-financial and political variables, is non-recursive (i.e., it does not rely on the previous year’s ratings) and is constructed using multiple regression. The a...

1. Sanz J, Wagner JE, Sanz MA, et al. Myeloablative cord blood transplantation in adults with acute leukemia: comparison of two different transplant platforms. Biol Blood Marrow Transplant 2013;19:1725-30. 2. Atsuta Y, Kanda J, Takanashi M, et al. Different effects of HLA disparity on transplant outcomes after single-unit cord blood transplantation between pediatric and adult patients with leuk...

This interdisciplinary research project focuses on relevant applications of Knowledge Discovery and Artificial Neural Networks in order to identify and analyse levels of country, business and political risk. Its main goal is to help business decision-makers understand the dynamics within the emerging market countries in which they operate. Most of the neural models applied in this study are def...

Abstract: Over the last twenty years, there has been a growing fascination about the livelihood of islands with small populations and territories which overwhelmingly rely on tourism as a source of exports. The Small Island Tourism Economies profiled in this paper were colonised, and had depended heavily on financial aid from their former colonists for infrastructure development that has declin...