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The Coming Wave : Where Do Emerging Market Investors Put Their Money?
Karolyi, George Andrew - 2015
We examine how emerging market (EM) investors allocate their stock portfolios internationally. Using both country-level and institution-level data, we find that the coming wave of EM investors systematically over- and under-weight their holdings in some target countries. These abnormal foreign...
Persistent link: https://www.econbiz.de/10013013182
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Do Foreigners Invest Less in Poorly Governed Firms?
Leuz, Christian - 2010
As domestic sources of outside finance are limited in many countries around the world, it is important to understand the factors that influence whether foreign outside investors provide capital to a country's firms. This study examines whether and why investor concern about corporate governance...
Persistent link: https://www.econbiz.de/10012761576
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Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets
Mendoza, Enrique G. - 2013
We study the short- and long-run effects of financial integration in emerging economies using a two-sector model with a collateral constraint on external debt and trading costs incurred by foreign investors. The probability of a financial crisis displays overshooting: It rises sharply initially...
Persistent link: https://www.econbiz.de/10013081498
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Foreign Speculators and Emerging Equity Markets
Bekaert, Geert - 2008
A number of countries have delayed the opening of their capital markets to internationalquot; investment because of reservations about the impact of foreign speculators on both expectedquot; returns and market volatility. We propose a cross-sectional time-series model that attempts toquot;...
Persistent link: https://www.econbiz.de/10012774923
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Benchmarking Portfolio Flows
Burger, John D. - 2018
To gauge the amount of portfolio inflows a country can expect to receive, we create a benchmark, a longer-term baseline path around which actual flows fluctuate. The relationship between our benchmark and actual flows is quite strong for emerging market economies (EMEs). For our sample of 28...
Persistent link: https://www.econbiz.de/10012915656
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Capital Flows to Emerging Markets : Liberalization, Overshooting, and Volatility
Bacchetta, Philippe - 2008
The paper analyzes the impact of financial liberalizations and reforms in emerging markets on the dynamics of capital flows to these markets, using a simple model of international investors' behavior. We first show that the gradual nature of liberalizations, combined with the cost of absorbing...
Persistent link: https://www.econbiz.de/10012774900
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The Forward Market in Emerging Currencies : Less Biased than in Major Currencies
Frankel, Jeffrey A. - 2010
smaller bias than for advanced country currencies. The coefficient is on average positive, i.e., the forward discount at least … risk premium may not be the explanation for traditional findings of bias. The reasoning is that emerging markets are … probably riskier; yet we find that the bias in their forward rates is smaller. Emerging market currencies probably have more …
Persistent link: https://www.econbiz.de/10012760670
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Decomposing the U.S. External Returns Differential
Curcuru, Stephanie E. - 2010
We decompose the returns differential between U.S. portfolio claims and liabilities into the composition, return, and timing effects. Our most striking and robust finding is that foreigners exhibit poor timing when reallocating between bonds and equities within their U.S. portfolios. The poor...
Persistent link: https://www.econbiz.de/10013152498
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Offshore Investment Funds : Monsters in Emerging Markets?
Kim, Woochan; Wei, Shang-Jin - 2021
The 1997-99 financial crises in the emerging markets have brought to the foreground the concern about offshore investment funds and their possible role in exacerbating volatility in the markets they invest in. Offshore investment funds are alleged to engage in trading behaviors that are...
Persistent link: https://www.econbiz.de/10013221512
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Riding the Bubble? Chasing Returns into Illiquid Assets
Yagan, Danny - 2014
Household investors chase stock market returns. Surveys suggest that households intend to "ride the bubble" by buying stocks early in a boom and selling stocks early in a bust. This implies that households use only liquid assets to chase returns. I test this prediction using inflows to fixed...
Persistent link: https://www.econbiz.de/10013049679