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Equity portfolio investment in developing countries : a literature survey

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Author Info
Claessens, Stijn

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Abstract

The author surveys the literature on equity portfolio investment to develop a research agenda that could help developing countries interested in attracting equity portfolio flows. He finds that a broad literature exists on equity portfolio flows, but that most empirical tests have focused on industrial countries. Although some of the analytical papers may be applicable to developing countries, the author identifies areas of empirical research of specific interest to developing countries: identifying barriers that prevent a free flow of (equity portfolio) capitalbetween industrial and developing countries; quantifying the opportunity costs of these barriers in higher risk-adjusted cost of capital and lower flow of capital; analyzing the optimal amount of portfolio investment and the degree to which investors in industrial countries are currently (under-) invested in developing countries; and analyzing the efficiency of the various stock markets in developing countries, as inefficient stock markets could be a barrier to foreign flows. This research could help policymakers in developing countries make decisions about liberalizing capital accounts, reforming financial markets, and coping with the potential volatility of equity portfolio flows.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 1089.

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Date of creation: 28 Feb 1993
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Handle: RePEc:wbk:wbrwps:1089

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Related research
Keywords: Economic Theory&Research; International Terrorism&Counterterrorism; Banks&Banking Reform; Financial Intermediation; Markets and Market Access;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Hansen, Lars Peter & Jagannathan, Ravi, 1991. "Implications of Security Market Data for Models of Dynamic Economies," Journal of Political Economy, University of Chicago Press, vol. 99(2), pages 225-62, April. [Downloadable!] (restricted)
    Other versions:
  2. Kandel, Shmuel & Stambaugh, Robert F, 1989. "A Mean-Variance Framework for Tests of Asset Pricing Models," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 2(2), pages 125-56. [Downloadable!] (restricted)
    Other versions:
  3. Hanson, James A., 1992. "Opening the capital account : a survey of issues and results," Policy Research Working Paper Series 901, The World Bank. [Downloadable!]
  4. Giovannini, Alberto & Jorion, Philippe, 1989. " The Time Variation of Risk and Return in the Foreign Exchange and Stock Markets," Journal of Finance, American Finance Association, vol. 44(2), pages 307-25, June. [Downloadable!] (restricted)
    Other versions:
  5. Solnik, Bruno H., 1974. "An equilibrium model of the international capital market," Journal of Economic Theory, Elsevier, vol. 8(4), pages 500-524, August. [Downloadable!] (restricted)
  6. Stulz, ReneM., 1981. "A model of international asset pricing," Journal of Financial Economics, Elsevier, vol. 9(4), pages 383-406, December. [Downloadable!] (restricted)
  7. Cumby, Robert E & Glen, Jack D, 1990. " Evaluating the Performance of International Mutual Funds," Journal of Finance, American Finance Association, vol. 45(2), pages 497-521, June. [Downloadable!] (restricted)
  8. Cho, D Chinhyung & Eun, Cheol S & Senbet, Lemma W, 1986. " International Arbitrage Pricing Theory: An Empirical Investigation," Journal of Finance, American Finance Association, vol. 41(2), pages 313-29, June. [Downloadable!] (restricted)
  9. Huberman, Gur & Kandel, Shmuel, 1987. " Mean-Variance Spanning," Journal of Finance, American Finance Association, vol. 42(4), pages 873-88, September. [Downloadable!] (restricted)
  10. Adler, Michael & Dumas, Bernard, 1975. "Optimal International Acquisitions," Journal of Finance, American Finance Association, vol. 30(1), pages 1-19, March. [Downloadable!] (restricted)
  11. Gibbons, Michael R & Ross, Stephen A & Shanken, Jay, 1989. "A Test of the Efficiency of a Given Portfolio," Econometrica, Econometric Society, vol. 57(5), pages 1121-52, September. [Downloadable!] (restricted)
  12. Harvey, Campbell R, 1991. " The World Price of Covariance Risk," Journal of Finance, American Finance Association, vol. 46(1), pages 111-57, March. [Downloadable!] (restricted)
  13. René M Stultz, 1984. "Pricing Capital Assets in an International Setting: An Introduction," Journal of International Business Studies, Palgrave Macmillan Journals, vol. 15(3), pages 55-73, September. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Gooptu, Sudarshan, 1994. "Are porfolio flows to emerging markets complementary or competitive?," Policy Research Working Paper Series 1360, The World Bank. [Downloadable!]
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