Most studies of the predictability of returns are based on time series data, and whenever panel data are used, the testing is almost always conducted in an unrestricted unit-by-unit fashion, which makes for a very heavy parametrization of the model. On the other hand, the few panel tests that exist are too restrictive in the sense that they are based on homogeneity assumptions that might no…

The difficulty of predicting stock returns has recently motivated researchers to start looking for more powerful tests, and the current study takes a step in this direction. Unlike existing tests, the test proposed here exploits the information contained in the heteroskedasticity of findings, which is expected to lead to higher power, a result that is confirmed by our results. In order to …

This textbook on international business integrates the academic study of international trade and foreign direct investment with the actual strategic and operational decisions of exporters and multinational enterprises. The book aims to merge managerial decision making in the internationally oriented firm with the conceptual tools provided by international economics. The book proceeds as follows…