| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16726 |
| 来源ID | Working Paper 16726 |
| Differences of Opinion and International Equity Markets | |
| Bernard Dumas; Karen K. Lewis; Emilio Osambela | |
| 发表日期 | 2011-01-31 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We develop an international financial market model in which domestic and foreign residents differ in their beliefs about the information content in public signals. We determine how informational advantages by domestic investors in the interpretation of home public signals impact equity markets. We evaluate the ability of our model to generate four international finance anomalies: (i) the co-movement of returns and capital flows; (ii) home-equity preference; (iii) the dependence of firm returns on home and foreign factors; and (iv) abnormal returns around foreign firm cross- listing in the home market. Their relationships with empirical differences-of-opinion proxies are consistent with the model. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w16726 |
| 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/574428 |
| 推荐引用方式 GB/T 7714 | Bernard Dumas,Karen K. Lewis,Emilio Osambela. Differences of Opinion and International Equity Markets. 2011. |
| 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 | ||
| w16726.pdf（457KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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