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Transparency and International Portfolio Holdings

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Global Financial Crisis and Policies Financial Markets and Investment Strategies State Capitalism and Financial Governance

Abstract

Does country transparency affect international portfolio investment? We examine this question by constructing new measures of transparency and by making use of a unique micro dataset on portfolio holdings of emerging market funds around the world. We distinguish between government and corporate transparency. There is clear evidence that funds invest systematically less in less transparent countries. There is also some evidence that during crises, funds flee from non-transparent countries to a greater extent.

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References

1998Law and Finance 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature 2003Earnings management and investor protection: an international comparison 1991Disclosure, Liquidity, and the Cost of Capital 2000The information content of stock markets: why do emerging markets have synchronous stock price movements?1990An Illustration of a Pitfall in Estimating the Effects of Aggregate Variables on Micro Units 2000Corporate governance in the Asian financial crisis 1999Mutual Fund Herding and the Impact on Stock Prices

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