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Author : Reena Aggarwal
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4./5 ( download)
Download or read book Portfolio Preferences of Foreign Institutional Investors written by Reena Aggarwal and published by World Bank Publications. This book was released on 2003 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Reena Aggarwal
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.04/5 ( download)
Download or read book Portfolio Preferences of Foreign Institutional Investors written by Reena Aggarwal and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines investment allocations in emerging markets by actively-managed U.S. mutual funds. We analyze both country- and firm-level characteristics and policies that influence these investment allocations. At the country-level, we find that U.S. funds invest more in open emerging markets with stronger shareholder rights, legal frameworks and accounting policies. After controlling for country characteristics, U.S. funds are found to invest more in large growing firms with high analyst following and policies such as ADR listing and more transparent accounting policies. The impact of ADR listing and better accounting policies is most pronounced in countries with weaker investor protection. Our results suggest that steps can be taken both at the country- and the firm-level to create an environment conducive to foreign institutional investment.
Author : Narjess Boubakri
Publisher : Emerald Group Publishing
ISBN 13 : 1780522436
Total Pages : 350 pages
Book Rating : 4.32/5 ( download)
Download or read book Institutional Investors In Global Capital Markets written by Narjess Boubakri and published by Emerald Group Publishing. This book was released on 2011-09-27 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.
Author : Pedro Matos
Publisher : CFA Institute Research Foundation
ISBN 13 : 1944960988
Total Pages : 80 pages
Book Rating : 4.88/5 ( download)
Download or read book ESG and Responsible Institutional Investing Around the World: A Critical Review written by Pedro Matos and published by CFA Institute Research Foundation. This book was released on 2020-05-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1455216569
Total Pages : 180 pages
Book Rating : 4.67/5 ( download)
Download or read book Coordinated Portfolio investment Survey written by International Monetary Fund and published by International Monetary Fund. This book was released on 1997-01-01 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a coordinated portfolio investment survey guide provided to assist national compilers in the conduct of the Coordinated Portfolio Investment Survey, conducted under the auspices of the IMF with reference to the year-end 1997. The guide covers a variety of conceptual issues that a country must address when conducting a survey. It also covers the practical issues associated with preparing for a national survey. These include setting a timetable, taking account of the legal and confidentiality issues raised, developing a mailing list, and maintaining quality control checks.
Author : Narjess Boubakri
Publisher : Emerald Group Publishing
ISBN 13 : 1780522428
Total Pages : 402 pages
Book Rating : 4.25/5 ( download)
Download or read book Institutional Investors In Global Capital Markets written by Narjess Boubakri and published by Emerald Group Publishing. This book was released on 2011-09-27 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines various issues concerning the strategies of institutional investors, the role of institutional investors in corporate governance, their impact on local and international capital markets, as well as the emergence of sovereign and other asset management funds and their interactions with micro and macro economic and market environments.
Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264116052
Total Pages : 76 pages
Book Rating : 4.54/5 ( download)
Download or read book Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors written by OECD and published by OECD Publishing. This book was released on 2011-07-01 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Author : April M. Knill
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4./5 ( download)
Download or read book Can Foreign Portfolio Investment Bridge the Small Firm Financing Gap Around the World? written by April M. Knill and published by World Bank Publications. This book was released on 2005 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author examines the impact of foreign portfolio investment on the financial constraints of small firms. Using a dataset of over 195,000 firm-year observations across 53 countries, she examines the impact of foreign portfolio investment on capital issuance and firm growth across countries and firm characteristics, in particular size. After controlling for firm-, industry-, and country-level characteristics such as change in foreign exchange rate, share of market capitalization, relative interest rates, and investment climate, she finds that foreign portfolio investment helps to bridge the gap between the amounts of financing small firms require and that which they can access through the capital markets. Specifically, the author finds that foreign portfolio investment is associated with an increased ability to issue publicly traded securities for small firms in all nations, regardless of property rights development. Since small firms often rely heavily on bank lending, she also tests for potential increases in credit for small firms using the bank lending theory of monetary transmission. Results show significantly decreased short-term debt and increased long-term debt, supporting the contention that bank debt maturity to these firms has increased. This transition to longer-term debt could also be a result of the increased public debt securities these firms are more able to access. The overall increased access to capital only leads to value-enhancing growth at the firm level in nations with more developed property rights, underscoring the significance of a good financial system that minimizes information asymmetry as well as corruption, and enhances liquidity as well as property rights.
Author : Fang Cai
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.86/5 ( download)
Download or read book International Diversification at Home and Abroad written by Fang Cai and published by . This book was released on 2016 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze foreigners' and domestic institutional investors' positions in U.S. equities. Controlling for many factors, we uncover a common preference for large firms and firms that are diversified internationally. The domestic preference for internationally diversified firms implies that investors might obtain substantial international diversification by investing at home. Using an international factor model, we show that exposure to foreign equity markets is indeed greater for domestic firms that are more diversified internationally, suggesting that at least some of the home-grown foreign.
Author : Ms.Hali J. Edison
Publisher : International Monetary Fund
ISBN 13 : 1451875762
Total Pages : 33 pages
Book Rating : 4.68/5 ( download)
Download or read book U.S. Investors' Emerging Market Equity Portfolios written by Ms.Hali J. Edison and published by International Monetary Fund. This book was released on 2003-12-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze a unique data set and uncover a remarkable result that casts a new light on the home bias phenomenon. The data are comprehensive, security-level holdings of emerging market equities by U.S. investors. We document, as expected, that at a point in time U.S. portfolios are tilted towards firms that are large, have fewer restrictions on foreign ownership, or are cross-listed on a U.S. exchange. The size of the cross-listing effect is striking. In contrast to the well-documented underweighting of foreign stocks, emerging market equities that are cross-listed on a U.S. exchange are incorporated into U.S. portfolios at full international capital asset pricing model (CAPM) weights. Our results suggest that information asymmetries play an important role in equity home bias and that the benefits of international risk sharing are limited to select firms.
