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The Determinants of International Equity Holdings: Information vs. Culture

Abstract : I examine whether the effect of physical distance on the geography of international portfolio investments undergoes an informational or a cultural channel. Using two measures to disentangle the effects of the physical distance, namely the cultural distance proposed by Kogut and Singh (1988), and a new measure of the information distance, I analyze a panel dataset showing 24 source countries’ bilateral equity holdings in various destinations as of the end-2006. Regressions suggest that the effect of the geography on international portfolio investments is likely to be a phenomenon linked to information asymmetries rather than one reflecting the impact of the cultural proximity between countries.
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https://hal-upec-upem.archives-ouvertes.fr/hal-03642469
Contributor : Erkin Diyarbakirlioglu Connect in order to contact the contributor
Submitted on : Friday, April 15, 2022 - 10:13:13 AM
Last modification on : Thursday, May 19, 2022 - 4:01:15 PM

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Erkin Diyarbakirlioglu. The Determinants of International Equity Holdings: Information vs. Culture. 28th AFFI Conference, May 2011, Montpellier, France. ⟨hal-03642469⟩

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