Transparency and international portfolio holdings

• 成果类型: Article
• 署名作者: Gelos, RG; Wei, SJ
• 署名单位: International Monetary Fund
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2005.00823.x
• 发表日期: 2005
• 页码: 2987-3020
• 关键词: CORPORATE GOVERNANCE; WORLD PRICE; disclosure; LAW

摘要

Does country transparency affect international portfolio investment? We examine this question by constructing new measures of transparency and by making use of a unique microdata set on portfolio holdings of emerging market funds around the world. We distinguish between government and corporate transparency. There is clear evidence that funds systematically invest less in less transparent countries. Moreover, funds have a greater propensity to exit nontransparent countries during crises.