{
  "title": "Transparency and International Investor Behavior",
  "publication": "IMF Working Papers, October 1, 2002",
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  "summary": "Does country \"transparency\" affect international portfolio investment? We examine this and related questions using a unique micro dataset on international portfolio holdings. We employ various indices of government and corporate transparency, focusing on the availability and quality of information.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Research question: Does country \"transparency\" affect international portfolio investment?\n- Data and approach: Unique micro dataset on international portfolio holdings; various indices of government and corporate transparency focusing on the availability and quality of information.\n- Time and publication: By Shang-Jin Wei, October 1, 2002; Working Paper No. 2002/174; 39 pages."
    },
    {
      "heading": "Key findings",
      "content": "- Emerging market equity funds hold fewer assets in less transparent countries.\n- Herding among funds is somewhat less prevalent in more transparent countries.\n- During the Asian and Russian crises, emerging market funds withdrew more strongly from less transparent countries after controlling for other risk factors.\n- Funds tend to react less strongly to news from more opaque markets."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subjects: Accounting standards; Asset allocation; Asset and liability management; Emerging and frontier financial markets; Financial markets; Market capitalization; Public financial management (PFM); Stock markets.\n- Keywords: Accounting standards; aggregate equity fund; Asset allocation; composite index; contagion; cost of capital; country asset allocation; Emerging and frontier financial markets; emerging market equity funds; emerging markets; financial crises; fund manager; Global; international financial architecture; international investors; investment behavior; Market capitalization; MSCI indices; portfolio investment; Stock markets; transparency; WP.\n\n---\n\n Content in this bundle\n\n- Transparency and International Investor Behavior - WP/02/174\n  - Transparency and International Investor Behavior - WP/02/174 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Transparency and International Investor Behavior - WP/02/174 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/transparency-and-international-investor-behavior-16006"
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    "Authors: Shang-Jin Wei",
    "Published: October 1, 2002",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451858709.001",
    "Research question: Does country \"transparency\" affect international portfolio investment?",
    "Data and approach: Unique micro dataset on international portfolio holdings; various indices of government and corporate transparency focusing on the availability and quality of information.",
    "Time and publication: By Shang-Jin Wei, October 1, 2002; Working Paper No. 2002/174; 39 pages.",
    "Emerging market equity funds hold fewer assets in less transparent countries.",
    "Herding among funds is somewhat less prevalent in more transparent countries.",
    "During the Asian and Russian crises, emerging market funds withdrew more strongly from less transparent countries after controlling for other risk factors.",
    "Funds tend to react less strongly to news from more opaque markets.",
    "Subjects: Accounting standards; Asset allocation; Asset and liability management; Emerging and frontier financial markets; Financial markets; Market capitalization; Public financial management (PFM); Stock markets.",
    "Keywords: Accounting standards; aggregate equity fund; Asset allocation; composite index; contagion; cost of capital; country asset allocation; Emerging and frontier financial markets; emerging market equity funds; emerging markets; financial crises; fund manager; Global; international financial architecture; international investors; investment behavior; Market capitalization; MSCI indices; portfolio investment; Stock markets; transparency; WP.",
    "**Transparency and International Investor Behavior - WP/02/174**"
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