We hypothesize that owing to limited investor attention and skepticism of complexity, innovative diversity (ID) of a firm's patent portfolio will be undervalued. ID strongly predicts stock returns after controlling for firm characteristics and risk. High ID portfolios provide Carhart alphas of 56-81 basis points per month and stronger and less volatile operating performance. The Diversified Min...

and Applied Analysis 3 Next we present auxiliary statements which play important roles in proving the main results. Define F : 0,∞ → R by F x Φ x/q−1/q −Φ 1−1/x and h : Φ −∞ q ,∞ → R by h x x 1 − q1−α [ 1 − ( 1 ( q − 1 ) Φ−1 x )1−α] . 2.1 For y : q0 → R \ {0} define the operator L by L [ y ] t Φ ( y ( q2t ) qy ( qt ) − 1 q ) −Φ ( 1 − y t

Why? Because though the US, back in 1948, blocked the formation of an International Trade Organisation (ITO), believing that, at that time, the interests of its corporations would not be served by such a global body, it had changed its mind by the 1990s. Now it wanted an international trade body. Why? Because its global economic dominance was threatened. The flexible GATT (General Agreement on ...

We argue that the global spread of ideas contributes to trade liberalization. Building on insights from a rich case-based literature, we suggest an explicit mechanism of trade policy diffusion: US-trained Ph.D. economists, who share a common belief in the benefits of free trade, and who operate with varying degrees of political influence around the world. We offer the first cross-national test ...

Abstract In light of the recent tit‐for‐tat trade dispute between China and US, interest in quantifying effects so‐called Phase One agreement has risen. To this end, paper quantifies impact asymmetric managed using such a multi‐country open‐economy dynamic general equilibrium model. Besides assessing direct implications for analyzes diversion effects. The model‐based analysis finds noticeable p...