This paper examines empirically the relationship between the internal technological profile and the diversification through strategic alliances of the largest 219 industrial firms world-wide. It explores three related issues. First, the paper shows that firms’ internal technological diversification is more pronounced than external technological diversification. Second, it confirms the idea that...

This paper examines empirically the relationship between the internal technological profile and the diversification through strategic alliances of the largest 219 industrial firms world-wide. It explores three related issues. First, the paper shows that firms’ internal technological diversification is more pronounced than external technological diversification. Second, it confirms the idea that...

In this paper we propose an endogenous growth model of commodity-rich economies in which: (i) long-run (steady-state) growth is endogenous and yet independent of commodity prices; (ii) commodity prices affect short-run growth through transitional dynamics; and (iii) the status of net commodity importer/exporter is endogenous. We argue that these predictions are consistent with historical eviden...

In this paper, based on a description of the four major players of commodity spot and futures markets, we establish a multi-phase equilibrium model of price determination, and then analyze the influence of the entry of a large number of index investors on the risk premium, inventory management, and different traders’ positions of commodity futures. The result shows that, the correlation between...

This paper examines the effect of geographic and industrial diversification on firm value for a sample of 1,914 corporations from 18 countries. Our results indicate that both geographic and product diversification destroy value at high levels of diversification, suggesting that agency and influence costs arising from the increased complexity outweigh the benefits of diversification at high degr...