| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27648 |
| 来源ID | Working Paper 27648 |
| How Global is Your Mutual Fund? International Diversification from Multinationals | |
| Irem Demirci; Miguel A. Ferreira; Pedro Matos; Clemens Sialm | |
| 发表日期 | 2020-08-10 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show that mutual funds worldwide provide substantial international exposure through their domestic holdings of multinationals. An average domestic fund's international exposure increases by 32 percentage points when we consider international corporate diversification. We find that funds with higher indirect international exposure perform better in both the cross section and the time series. This outperformance is more pronounced among small fund families, and funds that invest in small stocks, growth stocks, and less developed capital markets. Our findings support the hypothesis that international diversification from multinationals reduces the transaction and information costs of investing abroad and captures fund manager skill. |
| 主题 | International Economics ; International Factor Mobility ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w27648 |
| 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/585320 |
| 推荐引用方式 GB/T 7714 | Irem Demirci,Miguel A. Ferreira,Pedro Matos,et al. How Global is Your Mutual Fund? International Diversification from Multinationals. 2020. |
| 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 | ||
| w27648.pdf（416KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
