The Determinants of International Equity Holdings: Information Versus Culture

Diyarbakirlioglu, Erkin

doi:10.2139/ssrn.1833419

Cited by 4 publications

(19 citation statements)

References 76 publications

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“…More precisely, we consider the GDP of origin country i in year t and the GDP of destination country j in year t. Data is obtained from the World Bank. We expect that international equity investment is positively affected by the size of both origin and destination countries, as found by several empirical studies (e.g., Faruqee et al, 2004;Coeurdacier and Martin, 2007;Diyarbakirlioglu, 2011).…”

Section: Variablesmentioning

confidence: 61%

“…While the majority of studies tend to support the returnchasing behaviour of investors (e.g., Faruqee et al, 2004;De Santis and Gérard, 2006;Coeurdacier and Martin, 2007;Ferreira and Miguel, 2007), there are others that find the opposite behaviour (e.g., Hamao and Mei, 2001;Diyarbakirlioglu, 2011). Furthermore, while some empirical studies tend to support the motivation for portfolio risk diversification (e.g., Faruqee et al, 2004), others find otherwise (e.g., Amandi, 2004;Mishra, 2007;Lane and Milesi-Ferretti, 2008;Diyarbakirlioglu, 2011).…”

Section: Literature Review On the Determinants Of International Equitmentioning

confidence: 99%

“…Australia (Mishra, 2007;Pendle, 2008;Mishra and Daly, 2006); Finland (Al-Khail, 2003); Ireland (Honohan and Lane, 2000); USA (Bailey et al, 2008;Kyrychenko and Shum, 2006;Aggarwal et al, 2005) One destination country and several origin countries Finland (Liljeblom and Löflund, 2005); Japan (Kang and Stulz, 1997); USA (Forbes, 2010) Several origin countries and several destination countries Aggarwal et al (2012), Diyarbakirlioglu (2011), Daude and Fratzscher (2008), Lane and Milesi-Ferretti (2008), Berkel (2007), Ferreira and Miguel (2007), Coeurdacier and Martin (2007), De Santis and Gérard (2006), Chan et al (2005), Amandi (2004), Bertaut and Kole (2004), Faruqee et al (2004) and Al-Khail (2003) Year of investment…”

Section: Classification Criteriamentioning

confidence: 99%

“…International equity investment Flows Portes and Rey (2005) and Martin and Rey (2004) Holdings Aggarwal et al (2012), Diyarbakirlioglu (2011), Daude and Fratzscher (2008), Lane and Milesi-Ferretti (2008), Mishra (2007), Coeurdacier and Martin (2007) and Faruqee et al (2004) Weights Berkel (2007, De Santis and Gérard (2006), Amandi (2004) and Al-Khail (2003) Home bias Pendle (2008), Ferreira and Miguel (2007), Chan et al (2005) and Bertaut and Kole (2004) Risk diversification Return correlation Diyarbakirlioglu (2011), Lane and Milesi-Ferretti (2008), Pendle (2008), Berkel (2007), Ferreira and Miguel (2007), Mishra (2007), Amandi (2004) and Faruqee et al (2004) GDP growth rate correlation Lane and Milesi-Ferretti (2008) and Mishra (2007) Industry concentration Ferreira and Miguel (2007) Specific risk Lane and Milesi-Ferretti (2008) and Al-Khail (2003) Return Return Diyarbakirlioglu (2011), Ferreira and Miguel (2007), Coeurdacier and Martin (2007), Amandi (2004) and (2007), Ferreira and Miguel (2007) and Al-Khail (2003) Market capitalisation Daude and Fratzscher (2008), Lane and Milesi-Ferretti (2008), Pendle (2008), Mishra (2007), …”

Section: Categorymentioning

confidence: 99%

“…Amandi (2004) Daude and Fratzscher (2008), Lane and Milesi-Ferretti (2008), Berkel (2007), Mishra (2007) and Coeurdacier and Martin (2007) Colonial links Daude and Fratzscher (2008), Lane and Milesi-Ferretti (2008) and Berkel (2007) Transparency and corporate governance Corruption Diyarbakirlioglu (2011), Daude and Fratzscher (2008), Coeurdacier and Martin (2007), De Santis and Gérard (2006) and Al-Khail (2003) Judicial system efficiency Pendle (2008), Ferreira and Miguel (2007) and Al-Khail (2003) Legal system Pendle (2008) and Ferreira and Miguel (2007) Investors protection Aggarwal et al (2012), Diyarbakirlioglu (2011) and Ferreira and Miguel (2007) Expropriation risk Daude and Fratzscher (2008), Ferreira and Miguel (2007) and Al-Khail (2003) Accounting standards Daude and Fratzscher (2008), Pendle (2008) and Ferreira and Miguel (2007) Financial reporting quality Daude and Fratzscher (2008) and Bertaut and Kole (2004) This table presents the most common measures used in empirical studies on the determinants of international equity investment. The category of each variable as well as the most commonly used measures within each category are presented in the first and second columns, respectively, while empirical studies are presented in the third column.…”

Section: Categorymentioning

confidence: 99%

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The determinants of international equity investment: Do they differ between institutional and noninstitutional investors?

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Section: Variablesmentioning

confidence: 61%

Section: Literature Review On the Determinants Of International Equitmentioning

confidence: 99%

Section: Classification Criteriamentioning

confidence: 99%

Section: Categorymentioning

confidence: 99%

Section: Categorymentioning

confidence: 99%

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Cultural Corridors: An Analysis of Persistence in Impacts on Local Development — A Neo-Weberian Perspective on South-East Europe

Tubadji

Nijkamp

2018

Journal of Economic Issues

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Culture matters for economic development. This postulate has been a main conceptual concern for the "old" institutional economics (OIE) and has lately also been tested through neoclassicalinspired econometric techniques. This conceptual foundation has been confirmed in several quantitative studies on developed countries, in particular cases from the USA, Germany, and Italy. In less developed regions with a wealth of cultural heritage, in particular SouthEast Europe, this postulate is still an underexplored issue from the perspective of advanced econometric approaches. The aim of the present paper is to examine the impact of what are called SouthEastern European cultural corridors on welfare-and especially on total employment-at the local or regional level. Accounting for gross value added and sectoral specialisation, the effect of such corridors is examined by considering the distance to a cultural corridor: namely, the East Trans-Balkan Road (crossing Romania, Bulgaria, and Greece) as an explanatory factor for regional development-in particular, employment. Using the European University Institute (EUI) European Regional Dataset (ERD), as well as the geo-data from the Cultural Corridors of the SouthEast Europe website, we estimate a regression model using a 2SLS instrumental variable (IV) approach, with a pooled data set at the NUTS 3 level (Eurostat) during the period 1980 to 2011. Next, we triangulate our results by using the distance to the cultural corridor concerned as a treatment effect in a propensity-score-matching and difference-indifferences exploratory analysis. Our findings confirm the importance of distance to the cultural corridor under investigation as a strong predictor for local socioeconomic development. Moreover, our results suggest that the slow evolution of culture over time is likely to lead to the gradual emergence of new geographical cultural centres and a new cultural path dependence built-up of persistence chains.

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The Determinants of International Equity Holdings: Information Versus Culture

Cited by 4 publications

References 76 publications

The determinants of international equity investment: Do they differ between institutional and noninstitutional investors?

The determinants of international equity investment: Do they differ between institutional and noninstitutional investors?

Determinants of sector of holders international equity holdings

Cultural Corridors: An Analysis of Persistence in Impacts on Local Development — A Neo-Weberian Perspective on South-East Europe

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