| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24765 |
| 来源ID | Working Paper 24765 |
| Do Foreign Investors Improve Market Efficiency? | |
| Marcin Kacperczyk; Savitar Sundaresan; Tianyu Wang | |
| 发表日期 | 2018-07-02 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study the impact of foreign institutional investors on global capital allocation and welfare using novel firm-level international data. Using MSCI index inclusion as an exogenous shock to foreign ownership, we show that greater foreign ownership leads to more informative stock prices and this effect arises more from increased price efficiency than from improved firm governance. We further show that the impact of capital flows on price efficiency is due to real efficiency gains, as opposed to better information disclosure. Finally, we show that foreign ownership increases market liquidity, reduces firms' cost of equity, and leads to subsequent growth in their real investments, thus improving overall welfare. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w24765 |
| 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/582438 |
| 推荐引用方式 GB/T 7714 | Marcin Kacperczyk,Savitar Sundaresan,Tianyu Wang. Do Foreign Investors Improve Market Efficiency?. 2018. |
| 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 | ||
| w24765.pdf（665KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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