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International Portfolio Investment: Theory, Evidence, and Institutional Framework

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Author Info
Sohnke M. Bartram (Maastricht University)
Gunter Dufey (University of Michigan)

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Abstract

At first sight, the idea of investing internationally seems exciting and full of promise because of the many benefits of international portfolio investment. By investing in foreign securities, inves-tors can participate in the growth of other countries, hedge their consumption basket against ex-change rate risk, realize diversification effects and take advantage of market segmentation on a global scale. Even though these advantages might appear attractive, the risks of and constraints for international portfolio investment must not be overlooked. In an international context, finan-cial investments are not only subject to currency risk and political risk, but there are many institu-tional constraints and barriers, significant among them a host of tax issues. These constraints, while being reduced by technology and policy, support the case for internationally segmented securities markets, with concomitant benefits for those who manage to overcome the barriers in an effective manner.

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File URL: http://129.3.20.41/eps/fin/papers/0107/0107001.pdf
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Publisher Info
Paper provided by EconWPA in its series Finance with number 0107001.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 124 pages
Date of creation: 12 Jul 2001
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Handle: RePEc:wpa:wuwpfi:0107001

Note: Type of Document - Acrobat PDF; prepared on IBM PC; to print on HP; pages: 124 ; figures: included. forthcoming in: Financial Markets, Institutions and Instruments, Vol. 10 (3), August 2001, 85-155
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Web page: http://129.3.20.41

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Related research
Keywords: portfolio investment; international financial markets; diversification; currency risk;

Find related papers by JEL classification:
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
F31 - International Economics - - International Finance - - - Foreign Exchange

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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. Adler, Michael & Dumas, Bernard, 1975. "Optimal International Acquisitions," Journal of Finance, American Finance Association, vol. 30(1), pages 1-19, March. [Downloadable!] (restricted)
  2. Adler, Michael, 1981. "Investor Recognition of Corporation International Diversification: Comment," Journal of Finance, American Finance Association, vol. 36(1), pages 187-90, March. [Downloadable!] (restricted)
  3. Adler, Michael & Prasad, Bhaskar, 1992. "On Universal Currency Hedges," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(01), pages 19-38, March. [Downloadable!]
  4. Agmon, Tamir & Lessard, Donald R, 1977. "Investor Recognition of Corporate International Diversification," Journal of Finance, American Finance Association, vol. 32(4), pages 1049-55, 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. Thomas Lagoarde-Segot & Brian M. Lucey, 2006. "Portfolio allocations in the Middle East and North Africa," The Institute for International Integration Studies Discussion Paper Series iiisdp141, IIIS. [Downloadable!]
  2. Jian Hu, 2008. "Dependence Structures in Chinese and U.S. Financial Markets: A Time-varying Conditional Copula Approach," Departmental Working Papers 0808, Southern Methodist University, Department of Economics, revised Nov 2008. [Downloadable!]
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