Publications:

"Liquidity and Expected Returns: Lessons from Emerging Markets," (with Geert Bekaert and Campbell R. Harvey), Review of Financial Studies, 2007, 20, 1783-1831. (Earlier version also available as NBER working paper #11413)

"The Risk Return Tradeoff in the Long-Run: 1836-2003," Journal of Financial Economics, 2007, 85, 123-150.

"Global Growth Opportunities and Market Integration," (with Geert Bekaert, Campbell R. Harvey, and Stephan Siegel), Journal of Finance, 2007, 62, 1081-1137. (Earlier version also available as NBER working paper #10990)

"Growth Volatility and Equity Market Liberalization," (with Geert Bekaert and Campbell R. Harvey) Journal of International Money and Finance, 2006, 25, 370-403. (Earlier version also available as NBER working paper #10560)

"Consumption, Dividends, and the Cross-Section of Equity Returns," with Ravi Bansal (Duke) and Robert Dittmar (Michigan), Journal of Finance, 2005, 60, 1639-1672.

"Does Financial Liberalization Spur Growth," (lead article) with Geert Bekaert (Columbia) and Campbell R. Harvey (Duke), Journal of Financial Economics, 2005, 77, 3-56. (Earlier version also available as NBER working paper #8245).

"Equity Market Liberalization in Emerging Markets," (with Geert Bekaert and Campbell R. Harvey), Journal of Financial Research 2003 (Fall).  Also pubslihed in The Federal Reserve Bank of St. Louis Review, July/August 2003, Volume 85, Number 4 -- prepared for 27th Annual Economic Policy Conference, Finance and Real Economic Activity.

"Market Efficiency, Fundamental Values, and the Size of the Risk Premium in Global Equity Markets," (lead article) with Ravi Bansal (Duke), Journal of Econometrics, 2002, 109, 195-237.

"Emerging Equity Markets and Economic Development," with Geert Bekaert (Columbia) and Campbell R. Harvey (Duke), Journal of Development Economics 2001, 66, 465-504. (Earlier version also available as NBER working paper #7763).

Practitioner Focused Publications:

"Behind the Boom: The Risks of Emerging Markets," Canadian Investment Review, 2007, 20, 22-26.

"Brazil in Crisis" with Campbell R. Harvey (Duke) and Diego Valderrama (Duke), Emerging Markets Quarterly 1999, Spring, 4-9.

Book Chapters:

"Financial Openness and the Chinese Growth Experience," (with Geert Bekaert and Campbell R. Harvey). Academic working paper version. Also published as a book chapter in China’s Financial Transition at a Crossroads, 2007, Charles Calomiris (ed.), Columbia University Press.

Working Papers:

"Regulatory Pressure and Fire Sales in the Corporate Bond Market", (with Andrew Ellul and Pab Jotikasthira), 2009.

"Financial Openness and Productivity", (with Geert Bekaert and Campbell R. Harvey), 2009.

"What Segments Equity Markets?," (with Geert Bekaert, Campbell R. Harvey, and Stephan Siegel), 2008.

"Interpreting Risk Premia Across Size, Value, and Industry Portfolios," with Ravi Bansal (Duke) and Robert Dittmar (Michigan).