U.S. Investors’ Response to Philippine Capital Market Liberalization: Evidence from the First Philippine Fund

Angelo Unite and Beveridge, Steve Author_Email:

Philippine Journal of Development, 1998

Abstract: This paper investigates the impact of liberalization of international investment restrictions in the Philippines on the discounts of the First Philippine Fund (FPF) closed-end country fund. In particular, it investigates whether such restrictions are binding and how U.S. investors see the announced relaxation of restrictions. The overall results suggest evidence supporting the hypothesis that changes in the FPF’s discounts are associated with the announcements of changes in restrictions in international investment.

Keywords: capital markets; liberalization; investment (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:phd:pjdevt:jpd_1998_vol__xxv_no__2-b

DOI: 10.62986/pjd1998.25.2b

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