We investigate whether foreign institutional investors facilitate firm-specific information flow in the global market.Specifically,using annual institutional ownership data from firms across 40 countries,we find that foreign institutional ownership is negatively associated with excess stock return comovement.Our results are more pronounced when foreign institutional investors originate from common-law countries and hold a large equity stake in invested firms;and when the invested firms are located in civil-law countries.Overall,the evidence suggests that foreign institutional investors from countries with strong investor protection play an important informational role in mitigating excess stock return comovement around the world.
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机译:A Panel Data Analysis of the Impact of Chinese Foreign Direct Investment (FDI), Remittances and Foreign Aid on Human Capital Growth and Brain Drain in Africa
机译:shoup,Laurence H.和minter,William,Imperial Brain Trust,The Foreign on Foreign Relations and United states Foreign policy,New York,monthly Review press,1977,344 p。