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U.S. Equity Investment in Emerging Stock Markets

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Author Info
Tesar, Linda L
Werner, Ingrid M

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Abstract

This article examines U.S. equity flows to emerging stock markets from 1978 to 1991 and draws three main conclusions. First, despite the recent increase in U.S. equity investment in emerging stock markets, the U.S. portfolio remains strongly biased toward domestic equities. Second, of the fraction of the U.S. portfolio that is allocated to foreign equity investment, the share invested in emerging stock markets is roughly proportional to the share of the emerging stock markets in the global market capitalization value. Third, the volatility of U.S. transactions in emerging-market equities is higher than in other foreign equities. The normalized volatility of U.S. transactions appears to be falling over time, however, and we find no relation between the volume of U.S. transactions in foreign equity and local turnover rates or volatility of stock returns. Copyright 1995 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal World Bank Economic Review.

Volume (Year): 9 (1995)
Issue (Month): 1 (January)
Pages: 109-29
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Handle: RePEc:oup:wbecrv:v:9:y:1995:i:1:p:109-29

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  1. Assaf Razin & Efraim Sadka & Chi-Wa Yuen, 1998. "Capital Flows with Debt-And Equity-Financed Invesment: Equilibrium Structure and Efficiency Implications," CEMA Working Papers: Serie Documentos de Trabajo. 136, Universidad del CEMA. [Downloadable!]
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  2. Arslanalp, Serkan & Henry, Peter B., 2003. "Debt Relief: What Do the Markets Think?," Research Papers 1810, Stanford University, Graduate School of Business. [Downloadable!]
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  3. Henry, Peter B. & Arslanalp, Serkan, 2003. "Is Debt Relief Efficient?," Research Papers 1837, Stanford University, Graduate School of Business. [Downloadable!]
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  4. Geert Bekaert & Campbell R. Harvey & Robin L. Lumsdaine, 1999. "The Dynamics of Emerging Market Equity Flows," NBER Working Papers 7219, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Flôres Junior, Renato Galvão & Araújo, Carlos Hamilton Vasconcelos, 2002. "Foreign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998," Economics Working Papers (Ensaios Economicos da EPGE) 459, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
  6. Henry, Peter B. & Chari, Anusha, 2001. "Stock Market Liberalizations and the Repricing of Systematic Risk," Research Papers 1677, Stanford University, Graduate School of Business. [Downloadable!]
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  7. Chari, Anusha & Henry, Peter B., 2002. "Risk Sharing and Asset Prices: Evidence from a Natural Experiment," Research Papers 1736r, Stanford University, Graduate School of Business. [Downloadable!]
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  8. Geert Bekaert & Campbell R. Harvey & Robin L. Lumsdaine, 1998. "Dating the Integration of World Equity Markets," NBER Working Papers 6724, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Henry, Peter B., 2001. "Is Disinflation Good for the Stock Market?," Research Papers 1681, Stanford University, Graduate School of Business. [Downloadable!]
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  10. Wen-Hsiu Kuo & Ching-Chung Lin & Liu-Hsiang Hsu, 2007. "The impact of foreign trading information on emerging futures markets: a study of Taiwan's unique data set," Economics Bulletin, Economics Bulletin, vol. 7(10), pages 1-14. [Downloadable!]
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