G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1227
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
URLhttps://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.
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