Institutional Investor Flows Around the World - Couverture souple

Guo, Liang

 
9783330054929: Institutional Investor Flows Around the World
Couverture souple
ISBN 10 : 3330054921 ISBN 13 : 9783330054929
Editeur : LAP LAMBERT Academic Publishing, 2017

Synopsis

In this book I examine the driving factors of the international investors’ fund flows using recent high-frequency international equity and fixed income flows to 51 countries. I find that equity flows respond positively to past stock returns. More importantly, so do fixed income flows. This relationship is new to the literature and is robust to various model specifications. It indicates that the equity flow-past equity return relationship is not simply driven by return chasing because fixed income investors are unlikely to be chasing returns in the foreign equity market. Instead, this evidence suggests that past foreign stock returns contain information about future fundamentals that are also relevant to fixed income investors. Moreover, international investors do not reallocate flows from fixed income to equity securities in response to foreign stock price increase, as would be expected for positive feedback trading. All these empirical findings are robust for U.S. domiciled and non-U.S. domiciled investors. Collectively these results suggest that cross-border equity flows are driven by information about foreign fundamentals rather than by positive feedback trading.

Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.

Présentation de l'éditeur

In this book I examine the driving factors of the international investors’ fund flows using recent high-frequency international equity and fixed income flows to 51 countries. I find that equity flows respond positively to past stock returns. More importantly, so do fixed income flows. This relationship is new to the literature and is robust to various model specifications. It indicates that the equity flow-past equity return relationship is not simply driven by return chasing because fixed income investors are unlikely to be chasing returns in the foreign equity market. Instead, this evidence suggests that past foreign stock returns contain information about future fundamentals that are also relevant to fixed income investors. Moreover, international investors do not reallocate flows from fixed income to equity securities in response to foreign stock price increase, as would be expected for positive feedback trading. All these empirical findings are robust for U.S. domiciled and non-U.S. domiciled investors. Collectively these results suggest that cross-border equity flows are driven by information about foreign fundamentals rather than by positive feedback trading.

Biographie de l'auteur

Dr. Liang Guo is a Finance professor at California State University, San Bernardino. He earned his MBA from Boston University and his Ph.D. in Finance from the University of Texas at San Antonio. He specializes primarily in the field of asset pricing, investment, and corporate finance. His works have been published in many leading finance journals.

Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.

Éditeur
LAP LAMBERT Academic Publishing
Date d'édition
2017
Langue
anglais
ISBN 10 
3330054921
ISBN 13 
9783330054929
Reliure
Broché
Nombre de pages
80
Coordonnées du fabricant
non disponible
Personne responsable
KreGa Onlinehandel GmbH
4950000000000
info@krega-onlinehandel.de

Birkenweg 31
Brakel
33034
Allemagne