| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4611 |
| 来源ID | Working Paper 4611 |
| International Equity Transactions and U.S. Portfolio Choice | |
| Linda L. Tesar; Ingrid M. Werner | |
| 发表日期 | 1994 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | This paper studies the cross-border transactions in equity by investors in Canada, Germany,Japan, the U.K. and the U.S. We find that investors from different countries make very different decisions about the allocation of their portfolio across markets. In contradiction to the notion that high variable transactions costs hinder international diversification, we find that the volume of gross equity flows vastly exceeds net equity flows and the turnover rate on foreign equity investments by some investors even exceeds domestic turnover rates. We also reject the hypothesis that U.S. investors follow the standard CAPM in allocating their global equity portfolio. |
| URL | https://www.nber.org/papers/w4611 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561999 |
| 推荐引用方式 GB/T 7714 | Linda L. Tesar,Ingrid M. Werner. International Equity Transactions and U.S. Portfolio Choice. 1994. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4611.pdf（400KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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