Foreign shareholding: a decomposition analysis
Stulz (2005) has emphasized that for home bias to decline, insiders have to reduce ownership so as to make purchase of shares by foreigners possible. We offer a decomposition in the ownership of shares by foreigners into three parts: the change in insider shareholding, the change in market capitalization and the change in the fraction of outside shareholding that is held by foreigners. As an example, this decomposition is applied to help understand the sharp change in foreign ownership of Indian firms after 2001.
Volume (Year): 21 (2011)
Issue (Month): 10 ()
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- Bong-Chan Kho & René M Stulz & Francis E Warnock, 2006.
"Financial globalisation, governance and the evolution of the home bias,"
BIS Working Papers
220, Bank for International Settlements.
- Bong-Chan Kho & René M. Stulz & Francis E. Warnock, 2009. "Financial Globalization, Governance, and the Evolution of the Home Bias," Journal of Accounting Research, Wiley Blackwell, vol. 47(2), pages 597-635, 05.
- Bong-Chan Kho & René M. Stulz & Francis E. Warnock, 2006. "Financial Globalization, Governance, and the Evolution of the Home Bias," NBER Working Papers 12389, National Bureau of Economic Research, Inc.
- Kho, Bong-Chan & Stulz, Rene M. & Warnock, Francis E., 2006. "Financial Globalization, Governance, and the Evolution of the Home Bias," Working Paper Series 2006-12, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Bong-Chan Kho & Rene M. Stulz & Francis E. Warnock, 2008. "Financial globalization, governance, and the evolution of the home bias," Globalization and Monetary Policy Institute Working Paper 12, Federal Reserve Bank of Dallas.
- Stulz, Rene M., 2005.
"The Limits of Financial Globalization,"
Working Paper Series
2005-1, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
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