Transparency and International Investor Behavior

Does country "transparency" affect international portfolio investment? We examine this and related questions using a unique micro dataset on international portfolio holdings. We employ various indices of government and corporate transparency, focusing on the availability and quality of inf...

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Bibliographic Details
Main Author: Wei, Shang-Jin
Other Authors: Gelos, Gaston
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2002
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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300 |a 39 pages 
651 4 |a United States 
653 |a Public Administration 
653 |a Stock exchanges 
653 |a Asset allocation 
653 |a Finance 
653 |a Market capitalization 
653 |a Public finance accounting 
653 |a Corporate Finance and Governance: General 
653 |a General Financial Markets: General (includes Measurement and Data) 
653 |a Asset and liability management 
653 |a Information, Knowledge, and Uncertainty: General 
653 |a International Financial Markets 
653 |a International Finance: General 
653 |a Financial markets 
653 |a Emerging and frontier financial markets 
653 |a Stock markets 
653 |a Accounting 
653 |a Asset-liability management 
653 |a Finance, Public; Accounting 
653 |a Public Sector Accounting and Audits 
653 |a Financial Markets and the Macroeconomy 
653 |a Financial services industry 
653 |a Public financial management (PFM) 
653 |a Accounting standards 
653 |a Financial Risk Management 
653 |a Finance: General 
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520 |a Does country "transparency" affect international portfolio investment? We examine this and related questions using a unique micro dataset on international portfolio holdings. We employ various indices of government and corporate transparency, focusing on the availability and quality of information. We find that emerging market equity funds hold fewer assets in less transparent countries. Herding among funds is somewhat less prevalent in more transparent countries. During the Asian and Russian crises, emerging market funds withdrew more strongly from less transparent countries after controlling for other risk factors. However, funds tend to react less strongly to news from more opaque markets