| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4404 |
| DP4404 Constitutions and Commitment: Evidence on the Relation Between Institutions and the Cost of Capital | |
| Nathan Sussman; YIshay Yafeh | |
| 发表日期 | 2004-06-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | By combining new data on bilateral asset holdings with data on securities regulation in an empirical gravity model, it is found that bilateral differences in securities regulation lead to decreased portfolio holdings. Hence, regulatory harmonization can foster financial integration. The results are especially strong for equity holdings. It is verified that the results do not just reflect general economic, institutional, and cultural differences. Additional analysis of causality shows the exogenous component of asset holdings to be associated with larger differences in securities regulation. This might suggest that regulatory differences are used to protect domestic capital markets from outside competition. |
| 主题 | Financial Economics ; International Trade and Regional Economics |
| 关键词 | Cross-border portfolio investments Gravity model Harmonization Home bias Integration Securities |
| URL | https://cepr.org/publications/dp4404 |
| 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/533358 |
| 推荐引用方式 GB/T 7714 | Nathan Sussman,YIshay Yafeh. DP4404 Constitutions and Commitment: Evidence on the Relation Between Institutions and the Cost of Capital. 2004. |
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