|
|
|
|
||||
|
||||
Transparency and International Investor BehaviorGaston GelosInternational Monetary Fund (IMF) - Research Department Shang-Jin WeiColumbia Business School - Finance and Economics; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR); International Monetary Fund (IMF); Tsinghua University - School of Economics & Management February 10, 2003 EFA 2003 Annual Conference Paper No. 325 Abstract: Does country transparency affect international portfolio investment? We examine this and related questions using some new measures of transparency and a unique micro dataset on international portfolio holdings. We distinguish between government and corporate transparency. There is clear evidence that international funds invest systematically less in less transparent countries. Herding among funds tends to be more prevalent in less transparent countries. There is also some evidence that during crises, funds flee nontransparent countries by a greater amount.
Number of Pages in PDF File: 37 Keywords: financial crises, transparency, portfolio investment, emerging markets, international investors, international financial architecture, contagion working papers seriesDate posted: August 3, 2003Suggested CitationContact Information
|
|
|||||||||||||||||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo6 in 0.485 seconds
