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Foreign shareholding: A decomposition analysis

Ajay Shah () and Ila Patnaik ()
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Ila Patnaik: National Institute of Public Finance and Policy

Working Papers from National Institute of Public Finance and Policy

Abstract: Stulz (2005) has emphasised that for home bias to decline, insiders have to reduce ownership so as to make purchase of shares by foreigners possible. We offer a decomposition in the ownership of shares by foreigners into three parts: the change in insider shareholding, the change in market capitalisation and the change in the fraction of outside shareholding that is held by foreigners. As an example, this decomposition is applied to help understand the sharp change in foreign ownership of Indian firms after 2001.

Keywords: Home bias; Foreign investors (search for similar items in EconPapers)
JEL-codes: G1 G15 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fmk and nep-ifn
Date: 2010-10
Note: Working Paper 74, 2010
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Journal Article: Foreign shareholding: a decomposition analysis (2011) Downloads
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