We study the effects of US monetary policy on international mutual fund investment. We
apply a novel variant of the shock identification procedure in Bu et al.(2021) to decompose …

This paper reviews the relatively more recent literature on equity home bias–the empirical
finding that people overinvest in domestic stocks relative to the optimal investment portfolio …

We establish currency as an important factor sha** global portfolios. Using a new security-
level data set, we demonstrate that investor holdings are biased toward their own currencies …

We review the findings of the literature on the benefits of international financial flows and
find that they are quantitatively elusive. We then present evidence on the existence of a …

We provide an overview of the recent developments of the literature on the determinants of
long-term capital flows, global imbalances, and valuation effects. We present the main …

We show that institutional investors are more likely to invest in firms from regions to which
they have stronger social ties but find no evidence that these investments earn a differential …

We examine international equity allocations at the fund level and show how excess foreign
returns influence portfolio rebalancing, capital flows, and currencies. Our equilibrium model …

China׳ s external policies, including capital controls, managed exchange rates, and
sterilized interventions, constrain its monetary policy options for maintaining macroeconomic …

How do import tariffs and R&D subsidies help domestic firms compete globally? How do
these policies affect aggregate growth and economic welfare? To answer these questions …

We study the short-term effect of the first global multilateral standard for the automatic
exchange of information (AEOI), the so-called Common Reporting Standard (CRS), on cross …