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Daily Cross-Border Equity Flows: Pushed or Pulled? / John M. Griffin, Federico Nardari, Rene M. Stulz.
- Format:
- Book
- Author/Creator:
- Griffin, John M.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9000.
- NBER working paper series no. w9000
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Daily Cross-Border Equity Flows
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- In a model that is consistent with the existence of a home bias and with foreign investors that are less informed than domestic investors, we show that unexpectedly high worldwide returns lead to net equity inflows into small countries. In addition, a small country experiences net equity inflows when its stocks earn unexpectedly high returns. We investigate these predictions using daily data on net equity flows for nine emerging market countries and find that equity flows are positively related to host country stock returns as well as market performance abroad. Both our theoretical model and our empirical analysis show that global stock return performance is an important factor in understanding equity flows.
- Notes:
- Print version record
- June 2002.
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