Foreign Portfolio Investment Improves Performance: Evidence from the Czech Republic
When foreigners became the major shareholders of publicly traded firms in the Czech Republic, those firms experienced improvements in performance and increases in investment. In contrast, controlling for ownership type, ownership concentration had no independent effect on performance or investment. The results are robust to the estimation technique used, the choice of independent variables, and the methods used to control for selection bias.
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Volume (Year): 4 (2004)
Issue (Month): 1 (June)
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