Click here for search results
Portfolio preferences of foreign institutional investors, Volume 1
Author:Reena Aggarwal; Leora Klapper; Peter D. Wysocki; Country:United States;
Date Stored:2003/08/27Document Date:2003/07/01
Document Type:Policy Research Working PaperSubTopics:Payment Systems & Infrastructure; Labor Policies; International Terrorism & Counterterrorism; Economic Theory & Research; Financial Intermediation; Environmental Economics & Policies; Banks & Banking Reform
Language:EnglishRegion:Rest Of The World
Report Number:WPS3101Collection Title:Policy, Research working paper ; no. WPS 3101
Volume No:1  

Summary: The authors examine the relationship between foreign investment and the attributes of emerging market countries and firms in which investment is made. Their findings indicate that countries with higher levels of economic development and floating exchange rate regimes tend to have greater ability to obtain foreign capital. After controlling for the country's level of economic development, they find that firms in countries with stronger shareholder rights and legal framework attract more foreign capital. The authors also find that foreign institutions allocate more of their assets to firms with better corporate governance after controlling for other country and firm attributes. The main firm-level measures of corporate governance are derived from accounting quality variables. Their results imply that steps can be taken both at the country and the firm level to create an environment conducive to foreign portfolio investment. The analysis is based on a unique dataset consisting of equity positions of U.S. mutual funds in emerging markets.

Official Documents
Official, scanned versions of documents (may include signatures, etc.)
File TypeDescriptionFile Size (mb)
PDF 47 pagesOfficial version*3.29 (approx.)
TextText version**
How To Order
Light-Weight Documents
Lighter (less MB) documents which may or may not be the final, official version
File TypeDescriptionFile Size (mb)
PDF 47 pagesWPS31010.28

* The official version is derived from scanning the final, paper copy of the document and is the official,
archived version including all signatures, charts, etc.
** The text version is the OCR text of the final scanned version and is not an accurate representation of the final text.
It is provided solely to benefit users with slow connectivity.

Permanent URL for this page:

© 2016 The World Bank Group, All Rights Reserved. Legal