THE STRUCTURE OF THE theory of international finance largely mirrors that of domestic
financial theory. Starting from a micro-theory of individual portfolio choice one obtains, via …

Publisher Summary A country's current-account balance over any time period is the increase
in Residents' claims on foreign incomes or outputs, less the increase in similar foreign …

We analyze the effects of institutional cross-ownership of same-industry firms on product
market performance and behavior. Our results show that cross-held firms experience …

The Modigliani-Miller theorem on the irrelevancy of financial structure implicitly assumes that
the market possesses full information about the activities of firms. If managers possess …

When I was a graduate student in economics at Harvard, I had the privilege of serving as
rapporteur for a faculty seminar in the thennew Kennedy School of Government. Among …

By specifying a model of differential risk-bearing by import demand and export supply sides
of the market for traded goods, the theoretical impact of exchange risk on both equilibrium …

Among the very large number of people who provided comments and suggestions, we
would like to thank most especially Fritz Machlup, RobertA. Jones, Mark Perlman, and …

We develop a tractable general equilibrium framework in which firms are large and have
market power with respect to both products and labor, and in which a firm's decisions are …

If shareholders own diversified portfolios, and if companies impose externalities on one
another, shareholders do not want value maximization to be corporate policy. Instead …

Summary Privatization George Yarrow This paper examines the theoretical and empirical
case for private versus public ownership. Privatization usually leads managers to place …