Gaining a better understanding of the behavior of international investors is key for informing the debate about the … pronounced during volatile times. Portfolio rebalancing mechanisms are clearly important in explaining contagion patterns, even … exposures of large investors at a micro level is crucial to assess vulnerabilities. …

data are comprehensive, security-level holdings of emerging market equities by U.S. investors. We document, as expected …

satisfy these preconditions—among them the monitorability of bank assets, the presence of nonbank financial investors, and …

in the contagion phenomenon. Not all crises, however, are contagious. This paper models a new channel of contagion where … the degree of anticipation of crises, through its impact on investor uncertainty, determines the occurrence of contagion …. Incidences of surprise crises lead investors to doubt the accuracy of their informationgathering technology, which endogenously …