跨市场的投资组合偏好:来自共同基金所有权的证据

Wen-Hsiu Chou
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摘要

本文对1998-2007年间发达市场和新兴市场的国内外共同基金的投资组合偏好进行了评价和比较。研究发现,国内外共同基金对企业特征和企业信息环境的偏好存在一定差异,经济发展对两类基金的偏好都有影响。当基金经理形成投资组合时,一个国家的特征和制度也会影响共同基金的投资决策。结果进一步表明,国外和国内共同基金对其投资组合公司发挥了监督作用,但国外共同基金不能有效地监督新兴市场的公司。
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PORTFOLIO PREFERENCES ACROSS MARKETS: EVIDENCE FROM MUTUAL FUND OWNERSHIP
This paper is about evaluating and comparing the portfolio preferences of domestic and foreign mutual funds in developed and emerging markets over the period 1998–2007. We find that foreign and domestic mutual funds have some different preferences toward firm characteristics and firms’ information environments, and economic development affects the preferences for both types of funds. A country’s characteristics and institutions also influence mutual fund investment decisions when fund managers form their portfolio holdings. Results further show that foreign and domestic mutual funds play a monitoring role in their portfolio firms, but foreign mutual funds cannot monitor firms effectively in emerging markets.
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