This paper surveys what is known about the extent of international technology diffusion and
channels through which technology spreads. Productivity differences explain much of the …

This paper surveys the recent burgeoning literature that empirically examines the foreign
direct investment (FDI) decisions of multinational enterprises (MNEs) and the resulting …

Comprehensive in scope, Real Options reviews current techniques of capital budgeting and
details an approach (based on the pricing of options) that provides a means of quantifying …

Most investment expenditures have two important characteristics: First, they are largely
irreversible; the firm cannot disinvest, so the expenditures are sunk costs. Second, they can …

We analyze how changes in government policy affect stock prices. Our general equilibrium
model features uncertainty about government policy and a government whose decisions …

This is a thoroughly updated edition of Dynamic Asset Pricing Theory, the standard text for
doctoral students and researchers on the theory of asset pricing and portfolio selection in …

Do firms become more efficient after becoming exporters? Do exporters generate positive
externalities for domestically oriented producers? In this paper we tackle these questions by …

Using the news-based measure of Baker et al.[Baker SR, Bloom N, Davis SJ (2013)
Measuring economic policy uncertainty. Working paper, Stanford University, Stanford, CA] to …

This paper shows that with (partial) irreversibility higher uncertainty reduces the
responsiveness of investment to demand shocks. Uncertainty increases real option values …

Recent theoretical models of entry predict that, in the presence of sunk costs, current market
participation is affected by prior experience. This paper quantifies the effect of prior exporting …