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Transparency and International Portfolio Holdings Author info | Abstract | Publisher info | Download info | Related research | Statistics R. GASTON GELOS
SHANG-JIN WEI
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Does country transparency affect international portfolio investment? We examine this question by constructing new measures of transparency and by making use of a unique microdata set on portfolio holdings of emerging market funds around the world. We distinguish between government and corporate transparency. There is clear evidence that funds systematically invest less in less transparent countries. Moreover, funds have a greater propensity to exit nontransparent countries during crises. Copyright 2005 by The American Finance Association.
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Article provided by American Finance Association in its journal The Journal of Finance .
Volume (Year): 60 (2005)
Issue (Month): 6 (December)
Pages: 2987-3020
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Handle: RePEc:bla:jfinan:v:60:y:2005:i:6:p:2987-3020Contact details of provider: Web page: http://www.afajof.org/ More information through EDIRC
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