Abstract In October 2018, the Real Estate Finance & Investment Symposium, sponsored and organized by University of Cambridge, Florida, National Singapore, was held in Gainesville, Florida. Ten papers on various research topics were presented over day one-half symposium. Each presentation followed remarks from a discussant as well general discussion audience. This short editorial discusses f...

This paper provides the first empirical test of the diversification of opinion theory and the group shift theory using real business data. Our data set covers management teams and single managers of US equity mutual funds. All our results clearly reject the group shift theory and support the diversification of opinion theory: extreme opinions of single team managers average out and, consequentl...

Research on the macroeconomic impact of capital account liberalization finds few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. Most papers that find no effect of liberalization on real variables tell us nothing about the empirical ...

Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The lion's share of papers that find no effect of liberalization on real variables tell us nothing about ...