We study the impact of barriers to international capital flows with stock price data from eleven countries whose capital markets features shares restricted to locals and otherwise identical unrestricted shares to foreigners. Large price premiums for unrestricted shares relative to otherwise...

Corporations in developing countries with foreign investment restrictions have begun to issue convertible bonds overseas. Given low covariance of emerging market equity returns with global economic risks, foreign investors should place a relatively high value on these bonds. We use price data...

We study the impact of barriers to international capital flows with stock price data from 11 countries whose stock markets feature shares restricted to locals and otherwise identical shares available to foreigners. Large price premiums for unrestricted shares relative to matching restricted...