U.S. Equity Investment in Emerging Stock Markets
U.S. Equity Investment in Emerging Stock Markets
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美国对新兴股票市场的股权投资
DOI：
10.1093/wber/9.1.109
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发表时间：
1995
期刊：
影响因子：
--
通讯作者：
Ingrid M. Werner
中科院分区：
文献类型：
--
作者：
L. Tesar;Ingrid M. Werner
本文考察了1978年至1991年美国股票流向新兴股票市场的情况，并得出三个主要结论。首先，尽管最近美国对新兴股市的股票投资有所增加，但美国的投资组合仍然严重偏向国内股票。其次，在美国投资组合中，外国股票投资所占的份额，投资于新兴股票市场的份额大致与新兴股票市场在全球市场资本化价值中的份额成比例。第三，美国新兴市场股票交易的波动性高于其他外国股票。然而，美国交易的标准化波动性似乎随着时间的推移而下降，作者发现美国外国股票交易量与当地周转率或股票回报波动性之间没有关系。
This article examines the US equity flows to emerging stock markets from 1978 to 1991 and draws three main conclusions. First, despite the recent increase in US equity investment in emerging stock markets, the US portfolio remains strongly biased toward domestic equities. Second, of the fraction of the US portfolio that is allocated to foreign equity investment, the share invested in emerging stock markets is roughly proportional to the share of the emerging stock markets in the global market capitalization value. Third, the volatility of US transactions in emerging-market equities is higher than in other foreign equities. The normalized volatility of US transactions appears to be falling over time, however, and the authors find no relation between the volume of US transactions in foreign equity and local turnover rates or volatility of stock returns.