全球智库信息集成服务系统(G2TT): The Coming Wave: Where Do Emerging Market Investors Put Their Money?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21661
来源ID	Working Paper 21661
	The Coming Wave: Where Do Emerging Market Investors Put Their Money?
	G. Andrew Karolyi; David T. Ng; Eswar S. Prasad
发表日期	2015-10-26
出版年	2015
语种	英语
摘要	We examine how emerging market (EM) investors allocate their stock portfolios internationally. Using both country-level and institution-level data, we find that the coming wave of EM investors systematically over- and under-weight their holdings in some target countries. These abnormal foreign allocation biases of EM investors offer robust support of the information endowment hypothesis of van Nieuwerburgh and Veldkamp (2009). Specifically, past capital and trade flows from a foreign country to the home country create an information endowment (or advantage) that lead home country investments to be overweight that foreign country. At the institutional level, information advantage proxies based on relationships between EM institutional investors and the headquarters of their parent companies have strong explanatory power for international portfolio allocations. The results remain robust after controlling for other factors like geographic and other measures of economic proximity, economic and capital market development, market integration, market returns and correlation, and corporate governance. The information advantage effect is stronger for EM investors for which external portfolios exhibit a higher degree of concentration.
主题	International Economics ; International Factor Mobility ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets
URL	https://www.nber.org/papers/w21661
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/579336
推荐引用方式 GB/T 7714	G. Andrew Karolyi,David T. Ng,Eswar S. Prasad. The Coming Wave: Where Do Emerging Market Investors Put Their Money?. 2015.