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Institutional investment in Central and Eastern Europe: investment criteria of Western portfolio managers

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  • Köke, Jens
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    Abstract

    This study provides detailed evidence on the transistion state of Central and Eastern Europe (CEE) countries. It draws on data from a survey conducted among portfolio managers of Western investment funds thereby making use of the knowledge of experts in CEE markets. The approach of the study is two-fold : First, criteria for portfolio investment and current barriers to higher investment in CEE countries are identified. Second, the CEE portfolio structure is explained making use of detailed grading data from the survey. The results suggest that a reduction in general and macroeconomic risk tends to increase investment and that the potential of high returns and low risk from the setting of financial markets contributes to signifficantly higher investment in some countries. --

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    Bibliographic Info

    Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Discussion Papers with number 99-37.

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    Date of creation: 1999
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    Handle: RePEc:zbw:zewdip:5250

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    Related research

    Keywords: Central and Eastern Europe; institutional investors; portfolio investment;

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    References

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    1. Marie Bohatá & Martina Pechová, 1999. "Corporate governance," Politická ekonomie, University of Economics, Prague, University of Economics, Prague, vol. 1999(5).
    2. Frydman, Roman & Gray, Cheryl W. & Hessel, Marek & Rapaczynski, Andrzej, 1997. "Private ownership and corporate performance : some lessons from transition economies," Policy Research Working Paper Series 1830, The World Bank.
    3. James Tobin, 1956. "Estimation of Relationships for Limited Dependent Variables," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 3R, Cowles Foundation for Research in Economics, Yale University.
    4. Guercio, Diane Del & Hawkins, Jennifer, 1999. "The motivation and impact of pension fund activism," Journal of Financial Economics, Elsevier, Elsevier, vol. 52(3), pages 293-340, June.
    5. N Dryden & Stephen Nickell & D Nicolitsas, 1996. "What Makes Firms Perform Well?," CEP Discussion Papers dp0308, Centre for Economic Performance, LSE.
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    Cited by:
    1. Groh, Alexander P. & Liechtenstein, Heinrich & Canela, Miguel A., 2008. "Limited partners' perceptions of the Central Eastern European venture capital and private equity market," IESE Research Papers, IESE Business School D/727, IESE Business School.
    2. Groh, Alexander P. & Liectenstein, Heinrich, 2009. "The first step of the capital flow from institutions to entrepreneurs: The criteria for sorting venture capital funds," IESE Research Papers, IESE Business School D/795, IESE Business School.
    3. repec:ebl:ecbull:v:3:y:2003:i:28:p:1-16 is not listed on IDEAS
    4. Volkhart Vincentz, 2002. "Entwicklungen und Tendenzen der Finanzsysteme in Osteuropa," Working Papers, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies) 237, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies).

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