International asset pricing with strategic business groups

Firms in global markets often belong to business groups. We argue that this feature can have a profound influence on international asset pricing. In bad times, business groups may strategically reallocate risk across affiliated firms to protect core “central firms.” This strategic behavior induces c...

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Bibliographic Details
Main Authors: MASSA, Massimo, ZHANG, Hong
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2022
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Online Access:https://ink.library.smu.edu.sg/lkcsb_research/7055
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8054/viewcontent/DP15746.pdf
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Institution: Singapore Management University
Language: English