کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
972997 1377361 2016 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The impact of foreign trades on emerging market liquidity
ترجمه فارسی عنوان
تاثیر معاملات خارجی بر نقدینگی بازار نوظهور
کلمات کلیدی
اشتراک در نقدینگی؛ کشف قیمت؛ سرمایه گذاران خارجی. بحران مالی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


• We examine how foreign trades affect liquidity commonality in an emerging market.
• We find that foreign trades have both negative and positive effects.
• Aggressive foreign trades contribute significantly to price discovery.
• Foreign trades also have an adverse impact on domestic liquidity commonality.
• Overall, our study shows that foreign investor trading is a double-edged sword.

We examine the transmission mechanisms through which foreign trades affect commonality in liquidity in an emerging stock market. Trade-level data from the Indonesian Stock Exchange allow us to examine the impact of aggressive foreign trades on commonality in liquidity. Our results show that these trades contribute significantly to the price discovery process as well as to increasing commonality in liquidity. We find that the price discovery impact of aggressive foreign trading provides the mechanism through which foreign investor trading affects emerging market liquidity dynamics. Overall, our study shows that foreign investor trading is a double-edged sword.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Pacific-Basin Finance Journal - Volume 40, Part A, December 2016, Pages 1–16
نویسندگان
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