This paper explores the implications of climate change for industrial policy (IP). Five implications are discussed, namely the need for international coordination of IPs; for putting human development, and not emission targets, as the overriding objective of low-carbon IP; of stimulating innovation for energy efficiency, energy diversification, and carbon capture and storage; and for aligning I...

This paper investigates effects of strategic choice on organizational performance for Romanian family-owned Small and Medium sized Enterprises (SMEs). Using adapted Jacquemin–Berry entropy index for both product and international diversification and using a regression model, our study discusses family involvement as a moderating factor for organizational performance assessment. We discovered th...

Traditionally, integration has been studied at the country level. With increasing economic integration, industrial reorganization, and blurring of national boundaries (e.g., EU), it is important to investigate global integration at the industry level. We argue that country-level integration (segmentation) does not preclude industry-level segmentation (integration). Indeed, our results suggest t...

Financial liberalisation has offered global investors with new investment opportunities via international portfolio diversification. Proper investment planning as well as portfolio diversification and rebalancing require low correlations between the assets under consideration. In general, correlations between countries have increased during the global financial crisis due to contagion, interdep...

This paper documents a positive relation between internationalization and bank risk. This is consistent with the empirical dominance of the market risk hypothesis – whereby internationalization increases banks’ risk due to market-specific factors – over the diversification hypothesis – whereby internationalization allows banks to reduce risk through increased diversification of their operations...

We study the evolution of global equity market integration using US dollar denominated iShares. Designed to mimic the movements of MSCI indices, these securities provide an easy pool of international diversification products for the investor. As such they allow us to conduct an analysis of the largest equity markets comovements devoid of problems associated with trading restrictions, exchange r...

We examine if the benefits of international portfolio diversification are robust to time-varying asset return volatility. Since diversified portfolios are subject to common cross-country shocks, we focus on the transmission mechanism of such shocks in the presence of regime-switching volatility. We find little evidence of increased market interdependence in turbulent periods. Furthermore, for t...

This paper investigates the effects of bank internationalization on risk-taking. We find that internationalization increases bank risk-taking: the Z-score of US banks that engage in foreign activities is lower than that of their purely domestic peers. The results are consistent with the empirical dominance of the market risk hypothesis, whereby internationalization increases banks’ risk due to ...

the paper studies of the effect the related and unrelated diversification for products and ownership structure on capital structure for a sample of 87 firms out of 19 industry listed on the tehran stock exchange during the period 2004- 2009. for to regress of models to apply of multivariate approach include panel data and cross-sectional regressions. this study adopts panel fixed effects regres...