The Liability Of Foreignness In International Equity Investments PDF Download
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Author | : Bok Baik |
Publisher | : |
Total Pages | : 44 |
Release | : 2013 |
Genre | : |
ISBN | : |
Download The Liability of Foreignness in International Equity Investments Book in PDF, ePub and Kindle
Using foreign institutional ownership data in the U.S. from 1990 to 2007, we examine whether foreign institutional investors face liabilities of foreignness (LOF) in the U.S. stock market. We find that foreign institutional investors prefer low information asymmetry stocks more than domestic institutional investors and this preference for low information asymmetry stocks is particularly strong among foreign institutional investors from countries with high LOF. More important, we find that a change in foreign institutional ownership is negatively related to future returns, while this relation does not exist for domestic institutional ownership. The negative relation between the change in foreign institutional ownership and future returns is more pronounced when investors face a greater LOF in the U.S. stock market, for instance, when they are from countries with higher institutional distance, information asymmetry, unfamiliarity, and cultural differences. The negative effect of country-specific LOF factors on the return forecasting power of foreign institutional investors is more evident when they trade stocks with higher information asymmetry. Overall, these findings suggest that foreign institutional investors face significant LOF costs in the U.S. stock market, resulting in their poor ability to forecast returns.
Author | : Jean-Paul Laron |
Publisher | : World Scientific |
Total Pages | : 300 |
Release | : 2009 |
Genre | : Business & Economics |
ISBN | : 9812835008 |
Download Chinese Multinationals Book in PDF, ePub and Kindle
Examines the rise of Chinese companies in international markets. This book provides an overview of the strategies of Chinese multinationals in terms of international marketing and branding, M&As and international joint ventures, management of technology, organization and human resource management.
Author | : Fang Cai |
Publisher | : |
Total Pages | : 38 |
Release | : 2007 |
Genre | : |
ISBN | : |
Download International Diversification at Home and Abroad Book in PDF, ePub and Kindle
It is an established fact that investors favor the familiar%u2014be it domestic securities or, within a country, the securities of nearby firms%u2014and avoid investments that would provide the greatest diversification benefits. While we do not rule out familiarity as an important driver of portfolio allocations, we provide new evidence of investors%u2019 international diversification motive. In particular, our analysis of the security-level U.S. equity holdings of foreign and domestic institutional investors indicates that institutional investors reveal a preference for domestic multinationals (MNCs), even after controlling for familiarity factors. We attribute this revealed preference to the desire to obtain %u201Csafe%u201D international diversification. We then show that holdings of domestic MNCs are substantial and, after accounting for this home-grown foreign exposure, that the share of %u201Cforeign%u201D equities in investors%u2019 portfolios roughly doubles, reducing (but not eliminating) the observed home bias.
Author | : Alvaro Cuervo-Cazurra |
Publisher | : Cambridge University Press |
Total Pages | : 241 |
Release | : 2016-03-17 |
Genre | : Business & Economics |
ISBN | : 1107073146 |
Download Emerging Market Multinationals Book in PDF, ePub and Kindle
This book examines the challenges faced by emerging market multinationals as they develop their international operations and proposes actionable solutions.
Author | : Laszlo Tihanyi |
Publisher | : Emerald Group Publishing |
Total Pages | : 498 |
Release | : 2012-06-04 |
Genre | : Business & Economics |
ISBN | : 1780529090 |
Download Institutional Theory in International Business Book in PDF, ePub and Kindle
Part of "Advances in International Management" series, this title presents contemporary research by leading and emerging scholars working on institutional theory. It also presents theoretical frameworks of institutions and proposes interesting ideas that provide the foundation for doctoral dissertations and research projects.
Author | : Stephen Hymer |
Publisher | : MIT Press (MA) |
Total Pages | : 288 |
Release | : 1976 |
Genre | : Business & Economics |
ISBN | : |
Download The International Operations of National Firms Book in PDF, ePub and Kindle
Author | : Timothy Devinney |
Publisher | : Emerald Group Publishing |
Total Pages | : 668 |
Release | : 2010-07-27 |
Genre | : Business & Economics |
ISBN | : 0857240854 |
Download The Past, Present and Future of International Business and Management Book in PDF, ePub and Kindle
A volume that concentrates on the substantive gaps in the IB/IM field and addresses whether these gaps are resolvable with the theoretical and methodological toolkit.
Author | : Douglas Cumming |
Publisher | : Oxford University Press |
Total Pages | : 560 |
Release | : 2021-10-26 |
Genre | : Business & Economics |
ISBN | : 0192577700 |
Download The Oxford Handbook of Hedge Funds Book in PDF, ePub and Kindle
The Oxford Handbook of Hedge Funds provides a comprehensive overview of the hedge fund industry from a global perspective, bringing together insights from theoretical and applied research. The book seeks to both introduce the industry and what it does to scholars and practitioners new to the area, and to provide more advanced insights to those with extensive expertise in the area. The handbook explains the main context in which hedge funds operate, how the raise capital, and their structure and governance. It evaluates the main factors that have affected the operation of hedge funds, including competition from mutual funds, the market environment, and financial regulation, explains key concepts such as hedge fund flows, and core issues of practice, such as hedge fund manager fees. This volume provides insights into the principle head fund strategies and how these have changed over the years. The behavioural dimensions of hedge fund behaviour are evaluated, as are fintech's consequences. The volume evaluates the effects of hedge funds on the firms they invest in, in terms of internal governance, strategy and practice. Furthermore, it explores a range of ethical issues around the operation of hedge funds, how they fit within the wider political economy, and changes in hedge fund regulation and taxation strategies.
Author | : Andrea Ciani |
Publisher | : World Bank Publications |
Total Pages | : 178 |
Release | : 2020-10-08 |
Genre | : Business & Economics |
ISBN | : 1464815585 |
Download Making It Big Book in PDF, ePub and Kindle
Economic and social progress requires a diverse ecosystem of firms that play complementary roles. Making It Big: Why Developing Countries Need More Large Firms constitutes one of the most up-to-date assessments of how large firms are created in low- and middle-income countries and their role in development. It argues that large firms advance a range of development objectives in ways that other firms do not: large firms are more likely to innovate, export, and offer training and are more likely to adopt international standards of quality, among other contributions. Their particularities are closely associated with productivity advantages and translate into improved outcomes not only for their owners but also for their workers and for smaller enterprises in their value chains. The challenge for economic development, however, is that production does not reach economic scale in low- and middle-income countries. Why are large firms scarcer in developing countries? Drawing on a rare set of data from public and private sources, as well as proprietary data from the International Finance Corporation and case studies, this book shows that large firms are often born large—or with the attributes of largeness. In other words, what is distinct about them is often in place from day one of their operations. To fill the “missing top†? of the firm-size distribution with additional large firms, governments should support the creation of such firms by opening markets to greater competition. In low-income countries, this objective can be achieved through simple policy reorientation, such as breaking oligopolies, removing unnecessary restrictions to international trade and investment, and establishing strong rules to prevent the abuse of market power. Governments should also strive to ensure that private actors have the skills, technology, intelligence, infrastructure, and finance they need to create large ventures. Additionally, they should actively work to spread the benefits from production at scale across the largest possible number of market participants. This book seeks to bring frontier thinking and evidence on the role and origins of large firms to a wide range of readers, including academics, development practitioners and policy makers.
Author | : Torben Pedersen |
Publisher | : Emerald Group Publishing |
Total Pages | : 486 |
Release | : 2011-06-09 |
Genre | : Business & Economics |
ISBN | : 0857249924 |
Download Dynamics of Globalization Book in PDF, ePub and Kindle
Cross-border flows of goods, services, capital, knowledge, and ideas have substantially increased. This book focuses on how the interface between firm-specific advantages, liability of foreignness, and location-specific advantages are spelled out in the more global world.