کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5089236 | 1375588 | 2013 | 13 صفحه PDF | دانلود رایگان |
We examine whether foreign equity holdings of portfolio investors depend on the level of information accessibility between the investors' home and host countries. Using a comprehensive data set, alternative measures of information accessibility and robust analytical techniques, we show that differences in access to cross-country information significantly influence investors' portfolio allocation decisions. Furthermore, the results suggest that for a given level of access to information, investors prefer to invest more in countries with a higher quality of legal/macro-institutions. Finally, the findings also confirm that the implications of information accessibility are more pronounced when markets are turbulent.
⺠Access to cross-country information significantly influences investors' portfolio allocation decisions. ⺠Information accessibility significantly interacts with quality of legal/macro-institutions. ⺠The implications of information accessibility are more pronounced when markets are turbulent.
Journal: Journal of Banking & Finance - Volume 37, Issue 7, July 2013, Pages 2255-2267