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来源类型Working Paper
规范类型报告
DOI10.3386/w24765
来源IDWorking 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
URLhttps://www.nber.org/papers/w24765
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/582438
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Marcin Kacperczyk,Savitar Sundaresan,Tianyu Wang. Do Foreign Investors Improve Market Efficiency?. 2018.
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