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

  • Köke, Jens
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    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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    File URL: http://econstor.eu/bitstream/10419/24319/1/dp3799.pdf
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    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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    1. Guercio, Diane Del & Hawkins, Jennifer, 1999. "The motivation and impact of pension fund activism," Journal of Financial Economics, Elsevier, vol. 52(3), pages 293-340, June.
    2. James Tobin, 1956. "Estimation of Relationships for Limited Dependent Variables," Cowles Foundation Discussion Papers 3R, Cowles Foundation for Research in Economics, Yale University.
    3. N Dryden & Stephen Nickell & D Nicolitsas, 1996. "What Makes Firms Perform Well?," CEP Discussion Papers dp0308, Centre for Economic Performance, LSE.
    4. 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.
    5. Marie Bohatá & Martina Pechová, 1999. "Corporate governance," Politická ekonomie, University of Economics, Prague, vol. 1999(5).
    6. Frydman, Roman & Gray, Cheryl & Hessel, Marek & Rapaczynski, Andrzej, 1997. "Private Ownership and Corporate Performance: Some Lessons from Transition Economies," Working Papers 97-28, C.V. Starr Center for Applied Economics, New York University.
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