| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1227 |
| DP1227 The Duration of Unemployment and the Persistence of Wages | |
| Jonathan Leonard; Marc Van Audenrode | |
| 发表日期 | 1995-08-31 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | This paper provides a theory of foreign equity investment restrictions. We consider a model where the demand function for domestic shares differs between domestic and foreign investors because of dead-weight costs in holding domestic and foreign securities that depend on the country of residence of investors. We show that domestic entrepreneurs maximize firm value by discriminating between domestic and foreign investors. The model implies that countries benefiting from capital flight have binding ownership restrictions such that foreign investors pay a higher price for shares than domestic investors. The empirical implications of this theory are supported by evidence from Switzerland. |
| 主题 | Financial Economics |
| 关键词 | Asset pricing Investment restrictions |
| URL | https://cepr.org/publications/dp1227 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530369 |
| 推荐引用方式 GB/T 7714 | Jonathan Leonard,Marc Van Audenrode. DP1227 The Duration of Unemployment and the Persistence of Wages. 1995. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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