| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4005 |
| DP4005 Precautionary Saving and Consumption Smoothing Across Time and Possibilities | |
| Philippe Weil; Miles S Kimball | |
| 发表日期 | 2003-08-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We develop a model where wealthy investors have an incentive to become controlling shareholders because they can earn additional benefits by expropriating outside shareholders. As a consequence, in countries where minority investor rights are poorly protected, both domestic and foreign portfolio investors have a disincentive to hold stocks. The model implies that the differences in stock market participation rates across countries and the pervasiveness of home equity bias depend on the degree of investor protection. We provide international evidence on stock market participation rates, and holdings of domestic and foreign stocks consistent with the predictions of the model. |
| 主题 | Financial Economics |
| 关键词 | Home equity bias Portfolio choice Limited participation Investor protection Private benefits of control |
| URL | https://cepr.org/publications/dp4005 |
| 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/532984 |
| 推荐引用方式 GB/T 7714 | Philippe Weil,Miles S Kimball. DP4005 Precautionary Saving and Consumption Smoothing Across Time and Possibilities. 2003. |
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