Transparency and International Investor Behavior

R. Gaston Gelos () and Shang-Jin Wei

No 9260, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Does country transparency affect international portfolio investment? We examine this and related questions using some new measures of transparency and a unique micro dataset on international portfolio holdings. We distinguish between government and corporate transparency. There is clear evidence that international funds invest systematically less in less transparent countries. On the other hand, herding among funds tends to be more prevalent in less transparent countries. There is also some evidence that during crises, funds flee non-transparent countries by a greater amount.

JEL-codes: F30 D80 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fin
Date: Written 2002-10
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Working Paper: Transparency and International Investor Behavior (2002)
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